Trump reimposes Iran blockade, places 20% toll on Hormuz shipping
Trump writes on Truth Social:
The Hormuz Strait is OPEN, and will remain OPEN, with or without Iran. We are reinstating the THE IRANIAN BLOCKADE, so named because it is only stopping Iran’s ships or customers from entering or leaving. All other countries will have fair and open use of the Strait. The U.S.A. will be, from this point forward, known as “THE GUARDIAN OF THE HORMUZ STRAIT,” but as such, and as a matter of FAIRNESS, will be reimbursed, at the rate of 20% on all cargo shipped, for any and all costs necessary to do the job of providing safety and security to this very volatile section of the World. The process and formation will begin immediately. Thank you for your attention to this matter! President DONALD J. TRUMP
Trump hinted at this earlier but 20% is a heavy toll to pay.
This is a strange strategy, as it's only going to turn Gulf allies against the US as the toll is larger than what they would be paying Iran. Media reports suggested Iran was looking to charge ~$2M per ship in Hormuz. Trump just said the US is looking to charge a ~20% tax on the value of all goods flowing through the waterway in exchange for US protection. That would work out to roughly $30 million per ship and they would still face the risk of drone attacks and high insurance.
Gold is down $95 to $4024 and oil is up more than 5% to the highs of the day, up about 1.6 percentage points since the announcement.
An interesting detail here is "the process and formation will begin immediately" which sounds like the US is going to try to form a convoy of ships to enter/exit the Strait. Normally, there are 100 tankers a day transiting the Strait and an abundance of other ships. It's going to be a monumental effort to continue that, perhaps indefinitely. Moreover, the 20% tax is a fairly heavy burden on exporters.
This article was written by flc97fe4880a4b454993821fe0b770a597 at investinglive.com.提供 MainLink：Investinglive RSS Breaking News Feed
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