Trump Isn't Joking About That Hormuz Toll

President Trump is now floating the idea of charging a 20% toll on cargo shipped through the Strait of Hormuz, and Semafor reports that it's not an idle threat. Trump is "very serious" about implementing it, a White House official tells the outlet. The report adds that Trump has been musing about the idea since April, though he was apparently talked out of it previously. One reason is the legalities involved: The New York Times notes that only last month, Secretary of State Marco Rubio was unequivocal: "No country is allowed to charge tolls or fees on an international waterway. That's existing international law,"

Key details remain unknown, including how such a fee would be calculated, collected, or coordinated with Gulf states. Analysts say a 20% charge on cargo value could more than double transit costs, adding over $30 million to a single large tanker's trip and likely pushing up consumer prices. Tehran, which has tried to monetize the strait itself, responded sarcastically to Trump's suggestion, joking that "20% is of course too much. We will be fair."