Overview
- President Trump signed an order enabling a 25% additional tariff on imports from countries that continue trading with Iran, effective February 7.
- The Commerce Department will investigate Iran-linked trade and consult State, Treasury and the U.S. Trade Representative to decide rates and whether to implement the tariffs.
- A separate order rescinds the 25% additional tariff the U.S. had imposed on India over its purchases of Russian crude, with the change taking effect on February 7.
- India pledged to stop importing Russian crude and to buy U.S. energy, and the administration said it will monitor purchases and could restore the duty if commitments lapse.
- The U.S. and India announced a provisional framework to lower mutual tariffs from 25% to 18% with timing undecided, alongside an agreement to expand military cooperation over the next decade.