Trump abandons plan for Hormuz shipping fee
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The news: US President Donald Trump said he would replace his proposed 20% fee on cargo shipped through the Strait of Hormuz with trade and investment deals involving Gulf states
The context: In a social media post on Monday, Trump said he would charge a “reimbursement” fee equal to 20% of a ship’s cargo value to cover the cost of providing military protection in the strait. The fee would have amounted to about USD 30 million for a full oil supertanker and was widely criticised as impractical, Bloomberg reported.
What they said: “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.
The sources: Truth Social, Bloomberg
