Countries trading with Iran risk 25% tariffs, Trump warns

(Sharecast News) - Donald Trump has warned he will impose tariffs on any county doing business with Iran, as the US president continues to throw his weight behind widespread unrest in the Middle East nation. In a brief statement on Truth Social, Trump said: "Effective immediately, any Country doing business with the Islamic Republic of Iran will pay a Tariff of 25% on any and all business being done with the United States of America.

"This Order is final and conclusive."

Iran is already subject to heavy US sanctions. However, a number of countries still do business with the country, including China - its largest trading partner - India and Turkey.

Posting X, formerly Twitter, a spokesperson for the China embassy in Washington said: "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. Protectionism harms the interests of all parties."

Neither Trump nor White House provided any further details.

However, that did not stop oil prices - which had fallen following the America's military invention in Venezuela - surging. Iran is one of the biggest producers within the Opec cartel, and any tariffs could weigh heavily on global supply.

As at 0900 GMT, benchmark Brent crude and West Texas Intermediate were both trading 1% higher, at $64.57 and $60.16 a barrel respectively.

Mounting protests against the ruling regime have swept Iran in recent weeks, prompting Tehran - which has now imposed an internet blackout - to launch a deadly crackdown. More than 600 people are understood to have been killed, and thousands arrested.

Trump has already confirmed he is considering military operations in support of the protestors.

In response, Iran's foreign minister has said Tehran is open to talks with Washington but "remains open to the war", according to the BBC.