President Trump has scrapped his plan to charge a 20% toll on ships passing through the Strait of Hormuz after just one day. This follows "productive discussions" with Middle Eastern countries, which will be replaced by trade and investment agreements. Trump had sought to levy the toll to cover the cost of US military protection for commercial vessels in the Strait of Hormuz from Iranian attacks, but faced strong international backlash. Trump argued that such investments would benefit the future of Middle Eastern countries.
