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

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 with Trade and Investment Deals that the various Gulf States will be making into the United States. "Those Investments will be MASSIVE but, at the same time, extraordinarily good for them, and their future." The US president provided no further details.He also said that the Strait "is open to ALL Ship traffic except for Iran" and that "oil is flowing like never before, thanks to the awesome Power of the United States Military".Speaking later after talks in Washington with the new Iraqi Prime Minister Ali al-Zaidi, Mr Trump said: "I don't like the concept of a fee, but at the same time, it's not fair that we're protecting this Strait for the entire world."He said he had changed his initial fee plan after receiving numerous calls from Gulf leaders.Meanwhile, shipping data shows traffic through the Strait has slowed to a two-months low. The benchmark Brent Crude oil price has also risen sharply.