US President Donald Trump on Tuesday ​dropped the idea of charging a 20% fee ‌on all cargo shipped through the Strait of Hormuz, and said he would instead take trade and investment deals with the ​Gulf states.

The change of plan comes a day ​after Trump proposed charging a 20% fee to guard ⁠the waterway.

“Based on highly productive conversations with Middle ​East leadership, I have decided to replace the 20% United ​States Reimbursement Fee with Trade and Investment Deals that the various Gulf States will be making into the United States,” he ​said in a post on Truth Social.

Trump did not ​mention any commitments by Gulf states, saying “Investments will be MASSIVE but, ‌at the same time, extraordinarily good for them, and their future.”

Shortly after Trump made the 20% fee proposal on Monday, the UN’s shipping agency said it opposed fees ​on ships passing ​through maritime ⁠waterways but added it would await more details of what Trump had in mind.

In ​his post on Tuesday, Trump declared the ​Strait ⁠of Hormuz was open to all ship traffic except for Iran.

“We will therefore have a FULL Blockade, but only ⁠on ​Ships coming to and from Iranian ​ports, or carrying anything having to do with Iranian cargo,” he ​said.