New Delhi, July 15 -- US President Donald Trump, on 14 July, backtracked from his proposal to impose a 20 per cent fee on cargo passing through the Strait of Hormuz.

Instead, President Trump said the United States would pursue trade and investment agreements with Gulf countries to offset the costs of securing the strategic 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 posted on Truth Social.

The reversal came just a day after floating the idea.

Trump had proposed charging a 20 per cent fee on cargo passing through the Strait of Hormu...