Trump ‘Very Serious’ About Plan to Impose 20% Fee on Cargo Through Strait of Hormuz

President Donald Trump is seriously considering a plan to impose a 20% fee on cargo passing through the Strait of Hormuz.

On July 14, Walter Bloomberg, citing Semafor, reported that Trump is "very serious" about the proposal.

Trump previously said the US should recoup costs equal to 20% of all cargo moving through the strait in exchange for providing safety and security there.

He also said the US would become the "guardian of the Strait of Hormuz," blocking passage only for Iranian ships and Iranian customers while keeping the waterway open to other countries.

Markets are watching whether a US move to charge for passage through the Strait of Hormuz would raise global shipping and crude transport costs.

With tensions around the strait continuing, investors are also focused on the potential effects on oil prices, inflation concerns and sentiment toward risk assets including cryptocurrencies.