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India faces another US tariff hike as Trump announces 25% levy on Iran’s trade partners
United States President Donald Trump on Monday said that a tariff rate of 25% will be imposed on goods from countries doing business with Iran. The action against Tehran came as anti-government protests in the West Asian country entered their third week.
While China is Iran's largest trading partner, India has been among the top five countries with which Tehran has had trade ties in recent years.
Without a trade deal with Washington, Indian goods are already facing a combined US tariff rate of 50%. A 25% so-called reciprocal duty was imposed on August 7, followed by an additional 25% punitive levy on August 27.
On Monday, Trump said on social media: “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.”
Earlier on Monday, Trump had threatened to intervene militarily if Tehran killed protesters, the BBC reported. White House spokesperson Karoline Leavitt also said that military options, including air strikes, were still “on the table”, BBC reported.
The protests in Iran, which began on December 28, were initially focused on discontent about rising inflation. However, they later expanded in scope as protesters in more than 100 cities demanded an end to clerical rule.
The authorities in Iran have accused the US and Israel of inciting unrest. The government snapped internet access and telephone lines on Thursday, largely cutting off the country from the outside world.
More than 640 protesters have been killed in the past three weeks in Iran, the Associated Press reported. Nearly 10,700 persons have been arrested, CNN reported. The reports have attributed the numbers to US-based Human Rights Activists News Agency.
On Monday, Iranian Foreign Minister Abbas Araghchi said that Tehran was ready to negotiate with the US based on “mutual respect and interests”, CNN reported.
“As I have said repeatedly, we are also ready for negotiations – but fair and dignified negotiations, from an equal position, with mutual respect and based on mutual interests,” Araghchi told a group of foreign diplomats in a televised meeting in Tehran.
The foreign minister also warned that Iran remained prepared for war but dismissed a preemptive strike. “The reason is clear: the best way to prevent war is to be prepared for war, so that our enemies do not once again fall into miscalculation,” he added.
Since the reimposition of US sanctions on Iran in 2019, New Delhi's trade with Tehran contracted sharply by 87%, falling to $2.3 billion in 2024 from $17.6 billion in 2019, Moneycontrol reported.
India's import of mineral fuels, which earlier accounted for more than 90% of the bilateral trade, has plummeted by 99% since 2019.
India still imports about $1 billion worth of goods from Iran. But organic chemicals, edible fruits and nuts now account for more than 80% of the imports, replacing energy as the primary category.
New Delhi's exports to the West Asian country also declined significantly, down 68% from 2018, according to Moneycontrol. In 2024, India exported $1.3 billion worth of goods to Iran, compared with $3.9 billion in 2019 and $5.4 billion in 2013.
Source: Scroll
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