Trump pivots from 20 percent Strait of Hormuz fee amid Iran war escalation

US President Donald Trump has backed away from his plan to impose a 20 percent transit fee on vessels passing through the Strait of Hormuz, announced the day before. He stated that the fee would be replaced with trade and investment deals with Gulf states, following conversations with Middle Eastern leaders. Trump had originally described the fee as a reimbursement for security costs in the area, without detailing how the US would ensure safe passage. The reversal comes as fighting between the US and Iran continues to escalate.