US President Donald Trump
US President Donald Trump announced that he has backed down on his plan to impose a 20% tariff on shipments passing through the Strait of Hormuz, indicating that he will replace it with trade agreements and investments in the US. 
In a post on “Truth Social” today, July 14, Trump stated that his decision follows highly productive talks with regional leaders, adding that the proposed tariffs will be instead replaced with trade and investment deals inside the US.
This comes just one day after Trump announced his intention to reimpose a blockade on Iranian ports and levy a 20% tariff on cargo crossing the Strait of Hormuz.
US President Donald Trump
US President Donald Trump announced that he has backed down on his plan to impose a 20% tariff on shipments passing through the Strait of Hormuz, indicating that he will replace it with trade agreements and investments in the US.
In a post on “Truth Social” today, July 14, Trump stated that his decision follows highly productive talks with regional leaders, adding that the proposed tariffs will be instead replaced with trade and investment deals inside the US.
This comes just one day after Trump announced his intention to reimpose a blockade on Iranian ports and levy a 20% tariff on cargo crossing the Strait of Hormuz.
