US President Donald Trump said he had dropped plans to collect 20% of the value of cargo transported through the Strait of Hormuz in exchange for ensuring shipping security, Report informs, citing his statement on Truth Social.
Trump said the payment would instead be replaced by trade and investment agreements between Gulf states and the United States.
According to the US president, the decision was made following talks with leaders of Middle Eastern countries.
He expressed confidence that new investments in the US economy would be "enormous" and would exceed already record levels of investment.
Trump said he had decided to replace the 20% payment in favor of the United States with trade and investment agreements that Gulf states would conclude with Washington.