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Trump nixes 20 percent Strait of Hormuz toll proposal

The Hill · back to the audit

President Trump announced on Tuesday that he would scrap his proposal yesterday for a 20 percent tolling fee on cargo transiting the Strait of Hormuz, and would instead pursue trade and investment deals with Gulf states.

Trump made the pitch a day ago as part of efforts to unlock commercial shipping through the crucial waterway.

"Based on highly productive conversations with Middle East leadership, I have decided to replace the 20% United States Reimbursement Fee with Trade and Investment Deals that the various Gulf States will be making into the United States," Trump wrote on Truth Social.

"Those Investments will be MASSIVE but, at the same time, extraordinarily good for them, and their future."

The president claimed in the post that "oil is flowing like never before" in the region and declared the Strait of Hormuz, through which about 20 percent of the world's oil and gas flow through, is open to all shipping traffic besides Iran's.

"We will therefore have a FULL Blockade, but only on Ships coming to and from Iranian ports, or carrying anything have to do with Iranian cargo," Trump said.

The removal of the tolls came less than 24 hours after the U.S. military launched a fresh round of strikes against Iran, hitting targets in Bushehr, Chah Bahar, Jask, Konarak, Abu Musa and Bandar Abbas.