Washington (Web Desk): US President Donald Trump has withdrawn his decision to impose a 20 percent fee on ships passing through the Strait of Hormuz.
Speaking to the media at the White House after welcoming Iraqi Prime Minister Ali Al-Zaidi, Trump said the Strait of Hormuz remains open to all countries except Iran.
He announced that the proposed 20 percent charge on vessels transiting the strategic waterway has been scrapped. Instead, the United States will pursue trade and investment agreements, under which Gulf countries are expected to invest in the US economy.
Trump said the decision followed productive discussions with Middle Eastern leaders. He added that the United States is "winning again" and reiterated that Iran would never be allowed to obtain a nuclear weapon.
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The US president also announced the reimposition of a naval blockade on Iran.
Earlier, Trump had stated that Iranian ships would be barred from using the Strait of Hormuz, while commercial and cargo vessels from other countries would continue to have access to the waterway.
In a post on his social media platform, Truth Social, Trump said the Strait of Hormuz is open and will remain open, with or without Iran.
He added that the United States would continue to safeguard maritime traffic in the region and fulfil its role in protecting one of the world's most important shipping routes.
In the same post, Trump had said a 20 percent fee would be collected from all cargo passing through the Strait of Hormuz to help fund maritime security and ensure the uninterrupted flow of global trade.