The tariff will be applicable on “any and all business being done with the United States of America and is effective immediately,” Trump wrote on his social media account.
Further details about the tariff announcement remain unclear although the President added in his post that “the order is final and conclusive.” Trump has not explicitly named any country in his post.
US Stock futures have had no significant reaction to Trump’s latest tariff threat with the Dow futures trading with losses of around 70 points.
White House officials declined to answer CNBC’s queries on the same.
The new tariff announcement also comes ahead of the Supreme Court ruling on whether or not Trump’s tariffs even pass the legal framework. The Supreme Court has scheduled the next “opinion day” on Wednesday.
Iran is currently facing anti-government protests and Trump has encouraged them, stating over the weekend that the US stands ready to help.
“We’re looking at it very seriously. The military is looking at it, and we’re looking at some very strong options,” Trump told reporters. “I’m getting an hourly report and we’re going to make a determination.”
Among Iran’s partners in business include China, who was the top buyer of Iranian crude in the world and the independent refiners were increasing their oil intake as of December.
Iranian Foreign Minister Abbas Araghchi has opened channels of communication with Trump’s Middle East envoy, Steve Witkoff, a spokesman from the ministry said Monday.
With Inputs From Agencies.
