Trump scraps threat of 20% fee on Hormuz cargo as US prepares to resume blockade of Iran ports

President Donald Trump reversed his threat of a 20% fee on cargo shipping through the Strait of Hormuz, replacing it with trade and investment deals with Gulf states. This comes as the US prepares to reimpose a naval blockade on Iranian ports starting Tuesday at 4:00 PM Eastern Time. Strikes between the US and Iran have escalated, with explosions reported in multiple Iranian cities including Bushehr, home to a nuclear power plant. Trump stated the Strait is open to all traffic except Iran, while shipping data shows traffic has slowed to a two-month low.