WATCH: Trump says he's reversing course on Strait of Hormuz fees because Gulf states will invest in U.S.
Summary
President Donald Trump said Gulf leaders asked him to change his plan of charging fees on ships passing through the Strait of Hormuz. Instead of tolls, they proposed making trade deals and investing billions of dollars in the U.S.Key Facts
- President Trump originally planned to charge a 20% toll on cargo passing through the Strait of Hormuz.
- Gulf state leaders, including kings and emirs, asked him to stop the toll plan.
- They proposed investment in the U.S. through trade deals instead of paying tolls.
- President Trump announced this change during a news briefing in the Oval Office.
- The Gulf states offered to invest billions of dollars in the United States.
- The Strait of Hormuz is a key shipping route for global trade.
- The president said this was a result of direct discussions with Gulf leaders.
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