Trump withdraws decision to impose tariffs on the Strait of Hormuz

U.S. President Donald Trump retracted his plan to impose a 20% tariff on the Strait of Hormuz in exchange for "protecting the strait," stating that he would instead seek to establish investment agreements. Trump had previously announced the re-imposition of a blockade on Iranian shipping after the closure of the strait, but just hours before the tariffs were to be implemented, he said that the strait was open to maritime traffic except for Iran. This reversal led to a drop in oil prices despite initial increases, and the rising number of attacks fueled skepticism about the effectiveness of the signed memorandum of understanding to avoid escalation of the war and its impact on global energy supplies.

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