Trump Withdraws 20% Fee Proposal for Strait of Hormuz Cargo
US President Donald Trump has retracted his proposal for a 20 percent transit fee for vessels passing through the Strait of Hormuz. The decision, announced on Tuesday, follows escalating tensions between the US and Iran. Instead of the fee, Trump stated that Gulf countries would engage in 'Trade and Investment Deals' with the US. He indicated that these investments would be 'massive' but did not provide specific details. This change comes as a US military blockade of Iran is set to resume amid ongoing attacks in the region, including incidents reported in Bushehr and Bandar Abbas. The situation remains tense, with Iran vowing to continue its attacks on US assets.
Published 1 day ago • 14 Jul 2026, 09:29 PM IST