Trump scraps threat of 20% fee on Hormuz cargo as US resumes blockade of Iran ports

Trump scrapped his proposed 20% fee on cargo through the Strait of Hormuz, instead pursuing trade deals with Gulf states, while announcing a renewed U.S. naval blockade of Iranian ports. The move comes amid escalating military strikes in the region and a shutdown of the waterway through which 25% of global oil and 20% of liquefied natural gas previously flowed.