President Donald Trump has abandoned the idea of imposing a 20% fee on all vessels traveling through the Strait of Hormuz after floating the idea on Monday, demanding compensation in exchange for safe passage through the waterway.
Trump Touts Deals With Gulf States During a press briefing at the White House on Tuesday, Trump said that Washington had been guarding the Strait for "many years" without compensation, which did not seem fair to him.
The decision, according to the President, was taken with the benefit of Gulf state allies in mind, as the U.S. did not need the oil, he said.
Read Also: Trump's Big Beautiful Bill Cost Nearly $83 Billion in Clean Energy, Manufacturing and EV Project Cancellations and Delays: Report Trump then said that he was "called by different people, different countries, Kings and Emirs," who suggested a different approach.
"We'd love to invest in the United States with billions and billions of dollars," he said, "as opposed to charging a fee," he added.
