US President Donald Trump said he had agreed to a request from Saudi Arabia and the Gulf states to replace the charges imposed on them for the protection of the Strait of Hormuz with investments they will make in the United States.

As of Monday, Saudi Arabia and the Gulf states have been required to pay Trump 20% for every vessel passing through the Strait of Hormuz. Today, this was rephrased as “investments” and “trade deals” out of consideration for their sensibilities.

Trump described the Gulf funds to be channelled into the United States as massive investments.