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Trump Retracts Plans to Impose Transit Fees in the Strait of Hormuz
U.S. President Donald Trump announced his intention to withdraw the plan to impose a tariff on ships passing through the Strait of Hormuz, replacing it with trade agreements, after being persuaded by Middle Eastern leaders. He also confirmed that the blockade on ships heading to Iranian ports would remain in place. The Strait of Hormuz, through which a fifth of the world's oil production passes, had been partially closed following American and Israeli attacks in February, before being temporarily reopened.
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