Trump says US will reinstate blockade on Strait of Hormuz and impose a 20% fee on all cargo
President Donald Trump announced plans to reinstate a blockade of the Strait of Hormuz and impose a 20% fee on all cargo passing through the region. The move is intended to cover security costs amid escalating tensions between the US and Iran.
Why it matters
This policy shift threatens to further destabilize global oil markets and escalate the ongoing conflict in the Middle East.
Andrew Harnik/Getty Images Donald Trump said the US will impose a 20% fee on "all cargo shipped" through the Strait of Hormuz. Trump said that such a fee was needed to cover US costs of a renewed blockade of the Strait. It's unclear how the fee will be administered. President Donald Trump says the US will reinstate a blockade of the Strait of Hormuz and impose a 20% fee "on all cargo shipped" to help pay for it. "The Hormuz Strait is OPEN, and will remain OPEN, with or without Iran," Trump wrote on Truth Social on Monday morning. "We are reinstating the THE IRANIAN BLOCKADE, so named because it is only stopping Iran's ships or customers from entering or leaving."
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