Washington, July 14 -- US President Donald Trump on Tuesday reversed course on his proposal to impose a 20% reimbursement fee on cargo transiting the Strait of Hormuz, saying it would instead be replaced by investment commitments from Gulf states.
Trump had announced the fee on Monday, arguing that it would help cover the cost of US-provided security in the strategically important 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," Trump wrote on Truth Social shortly before a scheduled meeting with Iraq's prime minister at the White House.
The p...