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President Trump has reversed his threat to impose a 20% fee on cargo passing through the Strait of Hormuz, replacing it with trade and investment deals with Gulf states. The US plans to resume a naval blockade of Iranian ports amid renewed US-Iran tensions after attacks and strikes targeting Iran's military facilities and ships. Shipping traffic has slowed significantly through the Strait, which is a crucial route for global oil and gas supplies, raising concerns over economic impact.
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