India, Jan. 13 -- US President Donald Trump's threat of a 25% tariff on countries doing business with Iran is expected to have a "minimal impact" on India, as trade between New Delhi and Tehran is currently worth less than $2 billion, people familiar with the matter said on Tuesday.

After threatening action against Iran over the past few days over the government's crackdown on widespread protests in Tehran and other Iranian cities, Trump said on Tuesday that the 25% tariff on countries trading with Iran will become "effective immediately". The Iranian government's crackdown on protesters has reportedly claimed hundreds of lives in recent days.

"Effective immediately, any Country doing business with the Islamic Republic of Iran will pay ...