Trump drops 20% Hormuz transit fee a day after proposing it
What's new: He shifted to possible trade and investment deals with Gulf allies as fighting and shipping disruption persist.
President Donald Trump scrapped his proposal to charge all ships using the Strait of Hormuz a 20% transit fee just one day after floating it as part of a renewed US naval blockade on Iranian shipping. Trump instead pointed to potential trade and investment deals with Gulf allies, suggesting safe passage could be tied to broader economic arrangements. The reversal came as the conflict with Iran stretched into a fifth month, despite a month-old memorandum of understanding meant to support a temporary ceasefire and negotiations. Iran has kept pressure on commercial traffic and US allies in the region, leaving shipping through the strait badly disrupted and underscoring Washington's difficulty in turning military gains into a political settlement.
Earlier in this story
- Jul 20Iran claims missile strike destroyed 2 U.S. jets at Jordan base
- Jul 19Iran claims 2 tankers exploded in Strait of Hormuz
- Jul 19U.S. ends 7-night strikes on Iran as death toll hits 38
- Jul 19U.S. strikes Iranian missiles, disables tanker near Hormuz
- Jul 19Civilian toll from U.S. strikes in Iran reported at 50
- Jul 18U.S. strikes Iran missile launchers as Hormuz blockade widens
- Jul 18US strikes Bandar Abbas airport and rail lines, 2 dead
- Jul 17Iran keeps Strait of Hormuz closed until U.S. meets terms
- Jul 17Trump drops 20% Hormuz transit fee a day after proposing itreading now
- Jul 16Trump sends letter to Congress as US military ops on Iran continue
- Jul 16Trump seeks 20% cargo levy on Strait of Hormuz shipments