Donald Trump has promised cheap insurance for ships travelling through the Strait of Hormuz in a challenge to Lloyd’s of London. The US president said he had ordered America’s international investment body to insure ships travelling through the Persian Gulf at a “very reasonable price” after the outbreak of fighting in the Middle East led insurers to cancel polices and dramatically raise rates. Mr Trump wrote on Truth Social: “Effective IMMEDIATELY, I have ordered the United States Development Finance Corporation (DFC) to provide, at a very reasonable price, political risk insurance and guarantees for the Financial Security of ALL Maritime...