President Trump on Wednesday said he is open to a controversial idea that would reshape global shipping lanes: allowing Iran to charge tolls on vessels passing through the Strait of Hormuz — if the US gets a cut of the action.
Speaking to ABC News’ Jonathan Karl, Trump suggested the concept is under consideration as both a security and economic measure.
“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. “It’s a beautiful thing.”
The Strait of Hormuz, a narrow chokepoint between the Persian Gulf and the Gulf of Oman, is considered an international waterway. About a fifth of the world’s oil supply passes through it, making any policy shift there a matter of global consequence.
OKing a toll would mark a dramatic shift in US policy toward Iran and maritime security in the region. Historically, Washington has pushed for free and open navigation through the strait, backed by naval presence to deter threats and ensure the flow of goods.
Just hours after the cease-fire began, Iran has already begun demanding tolls via crypto to pass safely through the strait.