Trump Drops 20% Hormuz Shipping Fee, Replaces It With Full Iran Blockade

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President Donald Trump on Tuesday walked back threats to charge a 20 percent fee on all cargo ships that pass through the Strait of Hormuz, the critical waterway that has been central to the renewed U.S.-Iran conflict.

In a post to Truth Social , Trump said the strait will be open to “ALL Ship traffic except for Iran” and the U.S. will implement a “FULL Blockade, but only on Ships coming to and from Iranian ports, or carrying anything have to do with Iranian cargo.”

The president added that the previously announced 20 percent fee will be replaced with trade and investment deals between Gulf states and the U.S. “Those Investments will be MASSIVE but, at the same time, extraordinarily good for them, and their future,” Trump said.

Trump’s announcement marks a swift backtrack from his proposal to charge all ships traveling the strait a 20 percent fee, a plan he announced Monday . It triggered grumbling from international allies and even some Republicans on Capitol Hill .

This is a breaking news story that will be updated.