US President Donald Trump has reversed his recent proposal to impose a 20 percent fee on all cargo transiting the Strait of Hormuz. Instead, he announced that Gulf nations will make substantial trade and investment commitments to the United States.
In a social media post, Trump stated that the strait is now open to global shipping except for vessels connected to Iran. He credited US military forces with securing the vital maritime route.
The shift followed productive talks with Middle East leaders. Trump indicated the fee would be replaced by investment deals from Gulf states, describing them as massive and advantageous for both sides.
These commitments are expected to bring factories, manufacturing plants and equipment to the United States, creating millions of high-paying jobs, according to the president.
Trump praised military leaders for maintaining access to the strait during ongoing regional conflict. He also declared a full blockade on shipping to and from Iranian ports.
He further accused Iranian leadership of leading the country toward destruction and reiterated that Tehran would not acquire nuclear weapons.
The announcement marks a sharp change from the prior day, when Trump had said the US would act as guardian of the strait and collect a 20 percent reimbursement fee for security costs.
Iran quickly rejected any US role in managing the waterway and warned that unauthorized American movements would face strong opposition. Regional governments were cautioned against cooperating with Washington.
