Jul 15, 2026 – 3.12amWashington | President Donald Trump reversed course on a controversial plan to levy a 20 per cent fee to protect commercial tankers in the Strait of Hormuz following lobbying from Gulf allies who instead vowed to invest in the United States.Barely a day after proposing a fee based on the value of cargo travelling through the maritime choke point under US military protection, and vowing that the US would be the “guardian” of the strait, Trump dumped the idea.Subscribe to gift this articleGift 5 articles to anyone you choose each month when you subscribe.Subscribe nowAlready a subscriber? Fetching latest articles