Politics
Trump Reverses Proposed Hormuz Transit Fee, Shifts to Investment Deals
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Trump Reverses Proposed Hormuz Transit Fee, Shifts to Investment Deals
President Donald Trump has withdrawn his proposal to impose a 20% fee on ships crossing the Strait of Hormuz, announcing instead that the US will seek investment agreements from regional countries.
- Trump announced the reversal of the proposed 20% transit fee on vessels passing through the Strait of Hormuz, hours before it was set to take effect.
- He said the US will instead pursue investment deals from regional states in exchange for protecting the waterway, rather than collecting a percentage of cargo value.
- Trump stated that the strait is open to international navigation, with the exception of Iranian vessels.
- The reversal followed international objections and communications with regional countries, according to Trump.
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