Trump Shelves 20% Fee for Hormuz Cargo Shipments

Summary

President Trump explained his reversal on imposing a 20% fee on cargo shipments through the Strait of Hormuz, saying Gulf allies offered to invest billions of dollars in US factories and plants instead, framing the deal as a win for American manufacturing.

• Trump abandoned the Hormuz fee one day after announcing it.
• Gulf states including Saudi Arabia, UAE, Qatar, Bahrain, and Kuwait pledged to invest billions in the US.
• The President said investments would target US factories, plants, and other facilities.
• He argued the fee was unfair because the US protects the strait without compensation.
• Trump prefers investment commitments over charging transit fees.