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President Trump announced on Tuesday that he would scrap his proposal yesterday for a 20 percent tolling fee on cargo transiting the Strait of Hormuz, and would instead pursue trade and investment deals with Gulf states. Trump made the pitch a day ago as part of efforts to unlock commercial shipping through the crucial 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,” Trump wrote on Truth Social. “Those Investments will be MASSIVE but, at the same time,

Consumer prices fell sharply in June thanks to relief at the gas pump and a broad decline in inflation. The consumer price index fell 0.4 percent last month compared with May, the Department of Labor said Tuesday. This is the largest decline since 2020. Compared with a year ago, prices are 3.5 percent higher. Economists had forecast a 0.1 percent monthly decline after May’s sharp 0.5 percent increase. The inflation index was expected to climb 3.8 percent from a year earlier, a slowdown in annual inflation from May’s 4.2 percent. Core prices, a measure that excludes food and energy, were flat compared with the prior month.