"I've 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," President Trump said in a post on Truth Social.
On Monday, Trump said Washington would impose a 20% fee on ships passing through the Strait of Hormuz, but did not provide details on how the fee would be collected, when it would take effect, or which agency would enforce it.
The announcement raised concerns about potential disruption to global shipping and energy markets, as the Strait of Hormuz is one of the world's most important oil transit routes.
