President Donald Trump backed away from his plan to impose a 20% charge on cargo shipments through the Strait of Hormuz after the proposal was widely panned as impractical. Trump announced the decision on Tuesday, just one day after rolling out the fee, saying that the expected revenue would be replaced by forthcoming direct investments in the US from Gulf states.

Trump announces toll for Hormuz: US President Donald Trump said on Monday that the US is “reinstating” a blockade on Iran in the Strait of Hormuz. Not only that, Trump also…

Trump plans U.S. control of the Strait of Hormuz and a 20% cargo fee. Traffic normalization by August 31 at 15.5% YES.

President Donald Trump on Tuesday reversed course on his earlier proposal for the US to levy a 20% fee on all cargo flowing through the Strait of Hormuz

President Donald Trump's toll on shipping passing through the Strait of Hormuz is designed to increase international pressure on Iran.