“Effective immediately, any Country doing business with the Islamic Republic of Iran will pay a Tariff of 25 per cent on any and all business being done with the United States of America. This Order is final and conclusive,” he announced on Truth Social.
The decision may see tariffs on US imports from India rise to 75 per cent.
Iran is now witnessing its biggest anti-government protest in years. Trump has been threatening Iran with US military action if his administration found that the Islamic republic was using deadly force against the protestors.
New Delhi has long-standing trade and strategic links with Tehran, including energy imports and the development of the Chabahar Port.
The total India-Iran trade in fiscal 2024-25 was worth $1.68 billion. While India exported goods worth $1.24 billion, its imports were worth $440 million.
"So 50-per cent tariffs on India—already the highest on any country in the world—weren't enough for him [Trump]. Now, it's going to be another 25 per cent for a layered tariff on India of 75 per cent It's not as if there was much of a relationship left to tank, but still," Evan A Feigenbaum, former US deputy assistant secretary of state, commented on X.
"China's position against the indiscriminate imposition of tariffs is consistent and clear. Tariff wars and trade wars have no winners, and coercion and pressure cannot solve problems," a spokesperson of the Chinese embassy in Washington said on X.
ALCHEMPro News Desk (DS)
Receive daily prices and market insights straight to your inbox. Subscribe to AlchemPro Weekly!
marketing@alchempro.com
