Trump drops plan to charge Hormuz transit fee, shifts focus to Gulf investment

WASHINGTON: US President Donald Trump on Tuesday abandoned plans to impose a 20 percent fee on vessels using the Strait of Hormuz, saying he would instead pursue investment agreements with Gulf countries. The reversal came hours before the proposed charge was due to take effect at 20:00 GMT, following criticism from the shipping industry and amid continued military escalation between the US and Iran. Trump had announced the fee on Monday after Iran declared it had closed the strategic waterway, while also ordering a blockade of Iranian shipping.

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