Pakistan, July 15 -- United States President Donald Trump on Tuesday dropped the idea of charging a 20% fee on all cargo shipped through the Strait of Hormuz, and said he would instead take trade and investment deals with the Gulf states.

The change of plan comes a day after Trump proposed charging a 20% fee to guard the 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," he said in a post on Truth Social.

Trump did not mention any commitments by Gulf states, saying, "Investments will be massive but, at the same time, extraordinarily good for ...