President Trump with Iraqi PM Ali al-Zaidi at the Oval Office on TuesdayPresident Trump with Iraqi PM Ali al-Zaidi at the Oval Office on Tuesday<\/span><\/div>\n<\/section>\n<\/div><\/div>\n<\/div>\nUS President Donald Trump backed away from his plan to impose a 20% charge on cargo shipments through the Strait of Hormuz after the proposal was widely panned as impractical. Trump announced the decision on Tuesday, just one day after rolling out the fee, saying that the expected revenue would be replaced by forthcoming direct investments in the US from Gulf states. He did not specify a dollar amount or which countries would participate.\u201cI have decided to replace the 20% United States Reimbursement Fee with Trade and Investment Deals that the various Gulf States will be making into the United States,\u201d Trump posted on social media. \u201cThose Investments will be MASSIVE but, at the same time, extraordinarily good for them, and their future.\u201d Speaking to reporters later, Trump said, \u201cI don\u2019t think anybody should be able to charge a fee. I don\u2019t like the concept of a fee, but at the same time, it\u2019s not fair that we\u2019re protecting this Strait for the entire world.\u201dOil pared gains after Trump\u2019s post and then rebounded. Brent crude traded about 2% above Monday\u2019s close near $85 a barrel by 11. 49am ET. The reversal illustrated the bind Trump is in, as hostilities with Iran resume and Tehran refuses to loosen its grip on the crucial waterway. Oil prices surged on Monday when the president first announced his proposal for a so-called \u201creimbursement\u201d for facilitating shipping in the strait, threatening a rebound in gasoline costs for Americans ahead of November\u2019s midterm elections.Traders, analysts and industry stakeholders had dismissed the idea as unworkable and unlikely to be fully implemented, since it would be so difficult to administer and poisonous to allies around the globe. \u201cI think it\u2019s patently ridiculous and totally irrelevant. It\u2019s Trump nonsense,\u201d Jay Hatfield, CEO at Infrastructure Capital Management, said before Trump\u2019s retreat.If imposed, the charge may have amounted to a roughly $30 million cost for full supertankers carrying oil \u2014 far higher than the tolls Iran has charged, according to people familiar with the matter. \u201cThe figure itself seems entirely arbitrary and, if imposed, would amount to an extortionate charge,\u201d John Calabrese, a senior fellow at the Middle East Institute, said before the president changed course. \u201cMore fundamentally, the proposal treats freedom of navigation less as an international principle to be upheld than as a service to be sold.\u201dAny fees \u2014 whether imposed by Iran or the US \u2014 would directly affect American allies worldwide, including crudeproducing Gulf countries as well as Asian nations dependent on those supplies. They could set a precedent for similar levies in other waterways, even though international law prohibits coastal states from assessing tolls on passing ships. New charges also would run counter to Trump\u2019s goal of combating inflation ahead of midterm polls, which are expected to be shaped by voters\u2019 cost-of-living concerns.<\/p>\n\u2018Iran, Hezb will be added to Russia sanctions bill\u2019<\/b><\/h3>\n<\/p>\n
US President Trump on Tuesday told reporters that he thought Iran and Hezbollah will be added to the Russia sanctions bill currently under consideration by Congress. Trump said that adding secondary sanctions to China and India had not been discussed. The Russia sanctions bill, championed by the late Senator Lindsey Graham, was initially proposed in April last year, when he called for \u201cbone-crushing\u201d sanctions on Russia. That version would have authorised Trump to impose so-called secondary tariffs as high as 500% on countries that bought Russian energy. Trump plans to support the bill, according to a White House official.Report by Bloomberg<\/span><\/div>\n
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