‘Beautiful thing’: Trump moots US-Iran tax for ships in Strait of Hormuz
President Trump has floated the prospect of a “joint venture” with the Iranian leadership on administering a tax on ships passing through the Strait of Hormuz in a new peace deal for the region.
Trump said both the US and Iran could jointly tax ships passing through the stretch of water, which is critical for around a fifth of global crude oil supplies, with negotiations developing at a fast pace following the announcement of a two-week ceasefire.
He told ABC News that it would be a “beautiful thing” for the two countries to cooperate in shipping operations in the region.
“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,” Trump said.
Questions from the US broadcaster about a possible tax followed a report in Reuters last month that Iran was considering a tax worth a fee of $2m for ships passing through the Strait of Hormuz.
Separately, a spokesperson for an Iranian energy union said a tariff of $1 per barrel of oil could be imposed on companies and payments would be made in cryptocurrency.
The US president also said China played a role in diplomatic negotiations between the US and Iran, along with Pakistan while adding that the country would not retain uranium enrichment capabilities.
‘Big money will be made’
The blocking of the Strait has left the global economy on the brink given large supplies of oil and gas, as well as of other products and materials including fertilisers and helium, depend on free passage to maintain trade flows.
It has prompted economists to warn about historic fuel shortages, recessions and an inflationary shock.
In a post on Truth Social, the US president said the country would be “helping with the traffic buildup” across the Strait of Hormuz.
“There will be lots of positive action! Big money will be made,” he wrote.
“Iran can start the reconstruction process. We’ll be loading up with supplies of all kinds, and just “hangin’ around” in order to make sure that everything goes well.
“I feel confident that it will. Just like we are experiencing in the U.S., this could be the Golden Age of the Middle East!”
Trump’s latest tariff
In another post, Trump said that countries supplying weapons to Iran would be slapped with 50 per cent tariffs with “no exclusions or exceptions”.
However, he also separately said that the US was discussing sanctions and tariffs relief for Iran.
Trump wrote: “The United States will work closely with Iran, which we have determined has gone through what will be a very productive Regime Change!
“We are, and will be, talking Tariff and Sanctions relief with Iran. Many of the 15 points have already been agreed to.”
The US president was referring to a 15-point plan that reportedly includes a commitment to ending a nuclear weapons programme and the reopening of the Strait of Hromuz.
The vice-president JD Vance said the ceasefire was “fragile” and called on Iranian leaders to work in “good faith”.
The ceasefire is also on wobbly ground as both the UAE and Kuwait said they were dealing with a string of attacks and missile threats. Israel has continued its attacks in southern Lebanon in its war with Iran-backed militant group Hezbollah.
US defence secretary Pete Hegseth meanwhile claimed that Trump “chose mercy” as the ceasefire agreement came after Iran accepted it under “overwhelming pressure”.