President Donald Trump said on Monday that countries that do business with Iran will face a new 25% tariff. The announcement appears to mean goods from China, a major trading partner of both Iran and the United States, would become significantly more expensive to import. "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," Trump wrote on Truth Social on Monday. "This Order is final and conclusive," he added.
"I'm not going to get ahead of the two leaders who will be meeting in Korea on Thursday, but I can tell you we had a very good two days," Bessent said. "So I would expect that the threat of the 100% [tariff] has gone away, as has the threat of the immediate imposition of the Chinese initiating a worldwide export control regime."
