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The Economic Times

National

US-Iran war: Trump drops 20% toll plan on Hormuz, seeks Gulf investment deals instead

Donald Trump Iran Gulf Strait of Hormuz United States Oil

US President Donald Trump on Tuesday announced the replacement of the proposed 20% Washington reimbursement fee linked to shipping through the Strait of Hormuz with trade and investment agreements from Gulf countries, saying the move follows "highly productive conversations" with leaders in the Middle East.

"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," he wrote.

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