President Donald Trump has announced that the US will be reinstating the naval blockade on Iranian ports, which is expected to cost the Iranian economy between $400 million and $500 million a day in lost revenue.
Background
The blockade was lifted nearly a month ago following the signing of a memorandum of understanding. However, the US has now resumed strikes against Iran, with President Trump indicating that the US will be hitting Iran ‘very hard’ with strikes and a naval blockade.
The US Central Command announced that strikes began at 4:45 p.m. ET, marking the third night in a row the US has conducted strikes against the Islamic Republic. The strikes stem from Iranian aggression in the Strait of Hormuz as it continues to target commercial ships transiting the vital waterway.
In addition to the blockade, Trump announced that the US will be imposing a 20% fee on all cargo transiting the waterway, describing it as a ‘matter of fairness.’ The Trump administration has requested $87.6 billion from Congress to cover the costs of the conflict, including more than $70 billion for military expenses.
Original reporting: KTBS 3 (Shreveport) — read the source article.
