U.S. President Donald Trump [EPA=Yonhap News file photo]

U.S. President Donald Trump reversed his decision to charge a 20% transit fee on cargo carried by commercial vessels traversing the Strait of Hormuz, just one day after announcing the plan on the 14th (local time).

President Trump stated on the social media platform Truth Social that "Based on very productive conversations with Middle Eastern leaders, I have decided to replace the 20% U.S. compensation fee with trade and investment agreements that various Middle Eastern nations will sign with the United States."

The President had unilaterally declared the previous day in a Truth Social post that the U.S. military would charge a transit fee amounting to 20% of the value of cargo on board commercial ships in return for ensuring their safe passage through the Strait of Hormuz, a decision he has now overturned after 24 hours.

The original plan was to collect a fee serving as compensation for the costs incurred by the U.S. military deployed around the Strait to block attacks by Iranian forces and ensure the safety of merchant vessels.

The move had sparked backlash from the international community, particularly from Middle Eastern nations that effectively export energy to the entire world through the Strait of Hormuz.

President Trump remarked, "These investments will be massive, but at the same time, they will be tremendously good for them (Middle Eastern nations) and their future."

He emphasized, "As everyone knows, we have the largest investment in the U.S. dollar of any nation in history, but with these new investments, that figure will grow even larger, and factories, production facilities, and equipment will pour into the United States at historic levels, creating millions of additional high-paying jobs."

Strait of Hormuz [AFP=Yonhap News file photo]

Following up on his remarks from the previous day, President Trump asserted, "Thanks to the incredible power of the U.S. military, oil is flowing more smoothly than ever before," adding, "The Strait of Hormuz remains open to the passage of all ships, with the exception of Iran."

This refers to the maritime blockade against Iran that the U.S. military has decided to resume in the Strait of Hormuz. The U.S. Central Command announced that as of 4:00 PM Eastern Time that day (5:00 AM on the 15th, Korea Standard Time), it would block the passage of all vessels moving to and from Iranian ports and coastal areas, effectively tightening the squeeze on Iran’s financial lifelines.

President Trump explained, "The reason Iranian passage is prohibited is because of their lies, violence, and malicious leadership, the very leadership that is driving Iran toward total destruction. Therefore, we will implement a full blockade, but this applies only to ships moving to and from Iranian ports or transporting goods related to Iranian cargo."

President Trump further declared, "The era when Iran killed hundreds of thousands of people, including 52,000 protesters, is over, and above all, Iran will never possess a nuclear weapon."