Trump Cancels 20 Per Cent Strait Of Hormuz Fee, Chooses Gulf Investment Deals

ISTANBUL: United States (US) President Donald Trump on Tuesday said he had decided to replace the proposed 20 per cent compensation fee on cargo passing through the Strait of Hormuz with trade and investment agreements with Gulf countries, reported Anadolu Agency.

“Based on very productive discussions with West Asian leadership, I have decided to replace the 20 per cent reimbursement fee to the United States with trade and investment deals that will be implemented by various Gulf countries in the United States,” Trump said via his Truth Social platform.

“Those investments will be very large and at the same time provide tremendous benefits to them and their future.

“As everyone knows, we have the largest dollar investment in United States history, but these new investments will further increase that figure. We will see more factories, plants and equipment developed in the United States on an unprecedented scale, thus creating millions of high-paying jobs for the American people,” he said.

Trump also claimed that oil supplies are now flowing “like never before” while stating that the Strait of Hormuz is now “open to all ships except Iran,” which he said was due to Iran’s “lying, violent and malicious” leadership.

He said the US will impose “full sanctions, but only against ships entering or leaving Iranian ports or carrying any Iran-related cargo,” while saying “the era of Iran killing hundreds of thousands of people, including 52,000 protesters, is over and most importantly, Iran will not have nuclear weapons.”

Earlier, Trump announced that the US would reimpose sanctions on Iran and take over responsibility for safeguarding the Strait of Hormuz, stating that the US would become the “guardian” of the strait and impose a 20 per cent fee on commercial ships as payment for security services.

A memorandum of understanding (MoU) reached in June outlined the termination of the conflict that began in February on all fronts, the lifting of US sanctions on Iranian ports and the full reopening of the Strait of Hormuz.

US forces have launched a series of attacks on Iran recently, with Tehran responding by striking US assets in the Gulf region. Both sides have accused each other of violating the agreement and have also claimed control over the strategic waterway.

BERNAMA