Trump Walks Back Plan for Hormuz Toll

Apparently, the plan for a US toll on the Strait of Hormuz wasn't so solid after all. A day after he announced his intention to impose a 20% "reimbursement fee" on cargo moving through the waterway, President Trump reeled it back in on Tuesday, reports the AP. In a Truth Social post, Trump said that instead of charging ships, the US will make trade and investment agreements with Gulf states. He said those investments into the US will be "MASSIVE," adding that "we will see Factories, Plants, and Equipment pour into the United States at Historic levels." Trump did not offer specifics, but said he'd had "highly productive conversations" with Mideast leaders on the subject.

The reversal came as the US carried out a new round of strikes on Iran early Tuesday, prompting Iranian attacks on American allies in the region, per the New York Times. The latest round of violence has upended an interim deal meant to cool the conflict, keep the vital waterway open, and buy time for broader peace talks, raising fresh concerns about regional stability and the global economy. In his Tuesday post, Trump reiterated that the US will continue to maintain a blockade of Iranian ports. Traffic through the strait, which had been rebounding, is slowing to a trickle again and driving up oil prices. (Iran had mocked the American toll plan.)