Trump drops 20 percent Strait of Hormuz fee for Gulf investment amid Iran war escalation
Donald Trump has reversed his earlier announcement that the US would impose a 20% fee on cargo travelling through the Strait of Hormuz, saying he
Donald Trump has reversed his earlier announcement that the US would impose a 20% fee on cargo travelling through the Strait of Hormuz, saying he will replace it with "trade and investment deals" from Gulf states instead. Posting on social media, Trump said the decision came after "highly productive conversations with Middle East leadership".
He told reporters: "I don't think anybody should be able to charge a fee for the strait... but we were doing it as a reimbursement. The Gulf States are going to invest a tremendous amount of money into the United States, and that was very satisfactory to me". Meanwhile, Iran's president has hit back at Trump's latest comments, warning that not another drop of oil and gas will be exported from the region as a result of the US naval blockade.
He questioned America's military objectives, saying: "We will defend every inch of our homeland with our actions". The US Navy is set to enforce a re‑imposed blockade of Iranian ports starting at 20:00 GMT, with both Washington and Tehran claiming control of the strait. Al Jazeera's Patty Culhane reports from Washington, DC.
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