Trump reverses stance on Iranian tolls in Hormuz, says "They should stop now"

[Financial News] Donald John Trump has warned the government of the Islamic Republic of Iran not to collect tolls in the Strait of Hormuz.
On the 9th (local time), Donald Trump wrote on the social media platform Truth Social, "There are reports that the Islamic Republic of Iran is charging tolls to tankers passing through the Strait of Hormuz." He continued, "They had better not do that," adding, "If they are doing it, they should stop now!"
Earlier, on the 30th of last month, the National Security and Foreign Policy Commission of the Islamic Consultative Assembly of Iran approved a new management plan to strengthen control over the Strait of Hormuz, through which about 25% of the world’s seaborne oil trade passes. The plan includes a provision to levy tolls on vessels transiting the strait. Foreign media have estimated that the tolls could reach about 2 million dollars (around 3 billion won) per tanker.
Although the Islamic Republic of Iran agreed on the 8th to a two-week ceasefire with the U.S., it has not halted its plan to impose passage fees. In a report on the 8th, The Wall Street Journal (WSJ) said the Islamic Republic of Iran is classifying ships passing through the strait into three tiers based on their level of friendliness, and charging roughly 1 dollar per barrel of oil transported. The tolls are reportedly being collected in Chinese yuan or in digital assets. On the same day, the Financial Times (FT) also reported, citing the Iranian Union of Oil, Gas and Petrochemical Products Exporters, that the Islamic Republic of Iran is charging tankers passing through the strait in digital assets.
Donald Trump, who had stressed "free passage" through the Strait of Hormuz as a condition when the ceasefire was announced on the 7th, has since shown a mixed response.
In an interview with American Broadcasting Company (ABC) on the 8th, he said the U.S. and the Islamic Republic of Iran were considering a plan to jointly collect tolls in the Strait of Hormuz. "We are thinking about doing this as a joint venture," he said. Describing the idea of jointly imposing tolls, he argued, "This is how you protect the strait," calling it "a beautiful thing." Right after the ceasefire announcement on the 7th, he had also claimed that the "substantial profits" generated once the Strait of Hormuz is reopened could be used to rebuild the Islamic Republic of Iran.
Under Articles 26 and 44 of the United Nations Convention on the Law of the Sea (UNCLOS), all ships enjoy the right of passage through straits used for international navigation. Individual states may not impose tolls merely for transit, even within their own territorial waters. States party to the convention may charge only for specific services provided to foreign vessels. However, the Islamic Republic of Iran, the U.S., and the State of Israel have not ratified the convention.
On the 8th at the White House, White House Press Secretary Karoline Leavitt said at a briefing that Donald Trump’s comments about a joint venture were "an idea proposed by the President and something that will continue to be discussed over the next two weeks of the ceasefire." At the same time, she stressed, "The President’s immediate top priority is to reopen the strait without any restrictions whatsoever, regardless of tolls or anything else."


pjw@fnnews.com Park Jong-won Reporter