Trump drops '20% fee' for cargo through Hormuz after pressure from Gulf states
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Trump drops '20% fee' for cargo through Hormuz after pressure from Gulf states
U.S. President Donald Trump has backed away from his plan to impose a 20% charge on cargo shipments passing through the Strait of Hormuz after Gulf allies urged him to drop the proposal, saying the expected revenue would instead be replaced by forthcoming direct investments in the United States from Gulf states.