Trump threatens 25% tariff on countries doing business with Iran

President Trump announced via Truth Social on January 12, 2026 that any country doing business with Iran would immediately face a 25% tariff on all U.S. trade. Major affected trading partners include China, India, the UAE, Turkey, and Brazil—Iran's five largest trade partners. Trump invoked IEEPA as legal authority, though the law faced Supreme Court challenge. The formal executive order took effect February 7, 2026.