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Trump abruptly kills his Strait of Hormuz toll after just one day...
Donald Trump has announced a U-turn on his threat to slap a 20 percent toll on cargo passing through the Strait of Hormuz.
The President said on Tuesday that the US will instead agree to 'massive' investment deals with the ?Gulf states.
Trump wrote on Truth Social: 'Based on highly productive conversations with Middle East leadership, 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.'
It is unclear whether these would be new commitments, or would relate to what the President announced after a visit to the Middle East last year.
This comes after another round of strikes exchanged with Iran overnight. The US launched strikes earlier in the day, and Iran responded by attacking American allies in the region.
The latest exchange of fire has shattered an interim agreement designed to pause hostilities, reopen a vital global energy waterway and allow time for permanent peace talks.