Trump backtracks on plan to toll Hormuz ships

US President Donald Trump on Tuesday abruptly scrapped a planned 20 percent levy on ships transiting the Strait of Hormuz amid clashes with Iran, saying he would instead seek compensation from Gulf allies via trade deals.Trump said Middle Eastern leaders persuaded him to reduce the toll just a day after he announced it — and added that he was against charging any fees for the key waterway.“Based on highly productive conversations with Middle East leadership, I have decided to replace