Trump withdraws plans to impose tariffs in the Strait of Hormuz
July 14, 2026 12:46 pm, EDT Strait of Hormuz. (Maps4media/Bloomberg) key takeaways: On July 14, President Donald Trump canceled a plan to charge ships a 20% cargo fee for transiting the Strait of Hormuz, citing promised Gulf investments. The conflict threatens global trade as about one-fifth of the crude oil and natural gas traded passes