New Delhi, Jan. 13 -- US President Donald Trump announced on Monday that 25% tariff will now be imposed on countries doing business with Iran. This is Trump's first tariff announcement of 2026.

"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 posted on TRUTH social.

He said, "This Order is final and conclusive. Thank you for your attention to this matter!"

Last year, the US slapped an additional 25 percent tariff on India in retaliation for its continued purchases of Russian oil, bringing total tariffs to 50 percent.

Published by HT Digital Content Services with permission from MINT....