President Trump says Gulf states' investments in U.S. will replace Strait of Hormuz 20% toll proposal

President Donald Trump walks back his previous demand of 20 percent of the value of all cargo through the Strait of Hormuz as payment for the U.S. patrolling the Strait and instead says Gulf nations will be making major economic investments in the U.S.; Senate Democrats block the Senate from taking up the annual National Defense Authorization Act (NDAA), citing resumption of the war with Iran and failure of Republican and Democratic negotiators to reach agreement on spending levels, defense and non-defense, for the next fiscal year; Labor Department's Consumer Price Index inflation report for June was 3.5% year over year, less than expected; Federal Reserve Chair Kevin Warsh testifies before a House committee, promising the Fed will tackle inflation and make its decisions without regard to politics; Senate swears-in its newest member, Darline Graham, appointed to serve out the term of her late brother, Sen. Lindsey Graham (R-SC); Russia sanctions bill championed by Sen. Lindsey Graham before he died gets bipartisan support on Capitol Hill and in the White House; Supreme Court Justices Amy Coney Barrett and Elena Kagan testify before Congress on the Supreme Court's budget request, which includes more money for security in light of increase threats; CDC update on the cyclosporiasis outbreak across the country; House passes the Sunshine Protection Act, to make daylight saving time permanent nationwide. Learn more about your ad choices. Visit megaphone.fm/adchoices