US President Donald Trump has announced that a 20% tariff on cargo passing through the Strait of Hormuz will not be implemented. Instead, he has signalled investment and economic cooperation agreements with Gulf countries.
Trump made the announcement on the Truth Social platform, just over 24 hours after unveiling the initial plan to impose the tariff.
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According to the president, the US administration will focus on investment and business agreements with Gulf states, although he provided no further details on how these agreements would be implemented.
Earlier, Trump had stated that the 20% tariff would apply to all cargo passing through the Strait of Hormuz. He argued that the revenue would be used to fund security and keep this strategic maritime corridor open.
