President Donald Trump announced on Tuesday that he had abruptly paused a new initiative to guide ships out of the Strait of Hormuz. Trump announced the initiative, dubbed "Project Freedom," on Sunday, where the U.S. would guide the ships from "innocent and neutral" countries out of the Strait of Hormuz to protect them from attacks by the Iranian regime. The initiative was instituted after multiple ships were attacked by Iranian forces as they were leaving the Strait of Hormuz, a critical global waterway that accounts for 20% of the world's energy trade. "Based on the request of Pakistan and other Countries, the tremendous Military Success that we have had during the Campaign against the Country of Iran and, additionally, the fact that Great Progress has been made toward a Complete and Final Agreement with Representatives of Iran, we have mutually agreed that, while the Blockade will remain in full force and effect, Project Freedom (The Movement of Ships through the Strait of Hormuz) will be paused for a short period of time to see whether or not the Agreement can be finalized and signed," Trump wrote on Truth Social. The Strait of Hormuz has been effectively shut since the end of February. Last month, Trump instituted a counterblockade of the waterway after negotiations to end the war in Iran stalled.