According to a statement from the White House, U.S. President Donald Trump has signed an executive order imposing secondary customs tariffs on all countries that import goods from Iran.
U.S. President Donald Trump signed an executive order that could impose additional customs duties of up to 25 percent on any country that trades with Iran “directly or indirectly.”
The executive order published by the White House includes the following statement:
“From the date this order takes effect, customs duties at an additional value, for example at a rate of 25 percent, may be imposed on goods that are the products of any country that directly or indirectly purchases, imports, or otherwise acquires any goods or services from Iran.”
25 Percent Tariff on India Lifted
Trump also signed an executive order lifting the 25 percent customs tariff previously imposed on all imports from India. Accordingly, the additional customs duty will be removed as of February 7.
India’s Minister of Commerce and Industry, Piyush Goyal, stated that India and the United States will finalize and sign a joint statement regarding a bilateral trade agreement within the next four to five days.
Goyal added that the new 18 percent customs tariffs to be applied by the United States on India will enter into force after the joint statement is signed.