Just one day after announcing a fee on traffic through the Strait of Hormuz, U.S. President Donald Trump has reversed his decision. Trump announced on Tuesday that, based on “extremely fruitful discussions with leading representatives of the Middle East,” he has chosen to replace the 20 percent repatriation fee with “trade and investment agreements” that would be signed between the United States and various Gulf nations.
The President added that these investments would be “massive,” but also “exceptionally good for them and their future.” However, Trump reaffirmed his intention to maintain control over shipping in the strategically important strait. He stated, “We will therefore impose a complete blockade, but only for ships that call on or come from Iranian ports, or that transport anything related to Iranian cargo.” He also once again spoke of the “complete destruction” of Iran.
