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

Trump scraps threat of 20% fee on Hormuz cargo as US prepares to resume blockade of Iran portsImage source, ReutersImage caption, Shipping data shows traffic through the Strait has slowed dramaticallyByJaroslav LukivPublished14 July 2026, 17:34 BSTUpdated 21 minutes agoPresident Donald Trump has reversed his threat of a 20% fee on all Strait of Hormuz cargo shipping, as the US battles to break Iran's hold on the waterway.He said the toll would be replaced by trade and investment deals with Gulf states, just hours before the US resumes a blockade of Iranian ports.This follows renewed strikes between the US and Iran, which triggered a sharp rise in oil prices as tanker traffic through the Strait has virtually stalled.The US earlier said it had carried out a third night of attacks to degrade Iran's ability to hit the shipping in the area, and on Tuesday Iran's state media reported blasts in multiple cities, including Bushehr - home to a nuclear power plant.Tehran said it had targeted US military facilities in Bahrain and Jordan after earlier hitting two United Arab Emirates tankers.The ongoing strikes have underscored the strategic importance of the Strait. Iran accuses the US of interfering in its management of Hormuz – but controlling it means Tehran can also threaten the global economy.Amid the escalating hostilities, Trump on Monday declared that the US was now the "guardian" of the Strait of Hormuz, and vowed to impose a 20% charge on all cargo shipped through the waterway to pay for protecting it.Raising the stakes further, Trump said the US would also reimpose its naval blockade on Iran, in a bid to further squeeze the country's struggling economy.US Central Command (Centcom) on Monday said that the US naval blockade on Iranian ports would be in effect from 16:00 Eastern Time (20:00 GMT/21:00 BST) on Tuesday. But in his latest post on Truth Social, Trump wrote: "I have decided to replace the 20% United States Reimbursement Fee...