President Trump on Wednesday said he is considering the formation of a “joint venture” with Iran to set up tolls in the Strait of Hormuz after the Trump administration and Tehran agreed to a two-week ceasefire deal.
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The president also suggested Monday that the U.S. could impose its own tolls on vessels trying to transit through the channel. Leaders in Tehran signaled last week it would install a “toll booth” system to exert a price on ships seeking safe passage through the strait.
Is anyone else considering it?
That is the question. The current world system depends on there not being these kinds of tolls. But if Trump legitimizes them, then world trade could be fucked.
The current system has worked so well for so long, people don’t even seem to realize how much wealth it generates for everybody. And that it doesn’t need to be this way. Actually not unlike what happens in the US, if the rule of law collapses completely.