Trump orders 25% tariff on countries doing business with Iran 'effective immediately'

US President Donald Trump

US President Donald Trump has announced that any country that does business with Iran would be subjected to a tariff rate of 25 per cent on any business conducted with the United States.

Taking to Truth Social, the US President said, “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," he said.

Trump’s effort to economically isolate Iran comes amid massive anti-government protests in the oil-rich nation. With dozens of protesters reportedly killed in recent weeks, he has warned of military action if the violence does not stop.

The White House also confirmed that Trump is weighing military options, including possible airstrikes in Iran, as anti-government protests continue to intensify. "One thing President Trump is very good at is always keeping all of his options on the table," White House Press Secretary Karoline Leavitt said on Monday. "And airstrikes would be one of the many, many options that are on the table for the commander-in-chief."

Earlier, Trump said the United States was ready to help as protestors in Iran faced an intensifying crackdown by authorities of the Islamic republic. "Iran is looking at FREEDOM, perhaps like never before. The USA stands ready to help!!!" Trump said in a social post on Truth Social, without elaborating.

His comments came after he said that Iran was in "big trouble" and again warned that he could order military strikes.

Trump's latest announcement over tariff on countries doing business with Iran could impact countries like China, India, the United Arab Emirates (UAE) and Turkey, among others.

India already faces levies to the extent of 50 per cent linked to the purchase of Russian oil. The new tariff, meanwhile, could mean a minimum 45 per cent tariff rate on goods from China versus the current rate of 20 per cent.