Trump Considers Joint Venture with Iran to Secure Strait of Hormuz
President Trump is exploring a collaborative effort with Iran to implement tolls in the Strait of Hormuz following a two-week ceasefire agreement.
President Donald Trump announced on Wednesday that the United States is considering a "joint venture" with Iran to establish tolls in the Strait of Hormuz, following a recently agreed two-week ceasefire between the two nations.
When questioned about Iran's plan to charge vessels a fee for passage through the strategic waterway, Trump responded, "We're thinking of doing it as a joint venture. It's a way of securing it—also securing it from lots of other people. It's a beautiful thing."
The Strait of Hormuz is a critical channel through which approximately 20% of the world's oil is transported. Iran's proposal to impose tolls on ships transiting the strait has drawn international criticism. Secretary of State Marco Rubio labeled the potential toll system as "illegal" and "dangerous for the world," emphasizing that the U.S. and European partners would need to address this development.
Funds raised by Iran's toll system are intended for the country's reconstruction efforts, with a portion allocated to Oman, though the specifics of Oman's use of these funds remain unclear.
The U.S.-Iran ceasefire was reached just hours before Trump's deadline, during which he had warned that if Iran did not agree to reopen the strait, its "whole civilization will die tonight." This threat prompted significant backlash from members of Congress, with some calling for Trump's removal from office through the 25th Amendment and the filing of articles of impeachment over the threat.