President Donald Trump said on Monday the U.S. was reinstating a naval blockade on Iran, and would be reimbursed 20% on all cargo shipped through the Strait of Hormuz after Tehran claimed it had closed the strait.
Trump said the process would begin immediately, without elaborating.
In addition, the president, posting on his Truth Social network, said the United States will be known as "THE GUARDIAN OF THE HORMUZ STRAIT," and as such will charge all cargo ships a 20% fee "or any and all costs necessary to do the job of providing safety and security to this very volatile section of the World."
Trump said the key waterway is open and will remain so "with or without Iran."
The blockade will only prevent Iran's ships and its customers from leaving the waterway, he added.
