Trump reverses proposed 20% fee on Strait of Hormuz shipping

The proposal aimed to impose a 20% fee on vessels transiting the Strait of Hormuz. The fee was intended to target shipping companies using the strategic passage. President Trump announced a reversal of the plan. The decision came as the waterway remains a flashpoint in U.S.-Iran tensions. The Strait of Hormuz is a critical chokepoint for global oil shipments. Disputes over its status have heightened diplomatic strains. The backtrack may affect future policy discussions on maritime revenue. Observers will watch how the move influences U.S.-Iran relations.