U.S. President Donald Trump reversed Tuesday his plans to charge a 20% toll on cargo going through the Strait of Hormuz a day after he announced it.
Instead, Trump said Middle Eastern countries will make investment and trade deals with the U.S.
“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 on social media.
The president said the investments “will be MASSIVE,” though it’s unclear if these would be new commitments relative to what Trump announced after a visit last year to the Middle East.
