Trump Sets Process for Iran Tariffs But Does Not Apply Them

Catherine Lucey

Sat, February 7, 2026 at 7:28 AM GMT+9 2 min read

(Bloomberg) – President Donald Trump enabled his administration to apply tariffs on goods from countries doing business with Iran, but stopped short of immediately imposing any new duties.

An executive order that Trump signed Friday said that the levy “may be imposed on goods imported into the United States that are products of any country that directly or indirectly purchases, imports, or otherwise acquires any goods or services from Iran.”

Most Read from Bloomberg

Canadian Province New Brunswick to Quit Using Elon Musk’s X

For These Old Bus Stations, It’s Not the End of the Line

Milan Olympics Housing Is Built for Easy Reuse

In Praise of Urban Disorder

Chicago Mayor Names Mahr as Interim Chief Financial Officer

Trump first threatened the duty on social media in mid-January, saying it would be effective immediately. But no paper was ever issued codifying the policy until Friday. The action has the potential to disrupt major US trading relationships across the globe, including with countries such as India, Turkey, and China.

The order empowers the secretaries of State and Commerce to jointly determine if any countries have met the criteria. Once a finding is made, the policy empowers them — in conjunction with the Office of the US Trade Representative and Department of Homeland Security — to decide “to what extent an additional” tariff should be applied.

Trump did not specify a rate that would be imposed but uses the 25% rate that he first threatened on Iran’s trading partners as an “example.”

Iran and the US engaged in their first in-person talks earlier Friday in Oman, an effort to defuse tensions between Washington and Tehran and avert a military confrontation.

The source of the latest upheaval has been weeks of mass protests that have rocked the Islamic Republic. Demonstrations were initially sparked by a currency crisis and worsening economic conditions but they became increasingly aimed at the regime. It’s amounted to the biggest challenge to the nation’s ruling system since 1979.

Trump has cheered on the protesters and threatened strikes if Iran’s leaders continued violently repressing the protests. Last month, he told reporters that he was glad authorities had decided not to execute prisoners, seemingly putting off an imminent attack on Iran. In the meantime, a large US Navy strike group has traveled to the region in the event of any action.

Most Read from Bloomberg Businessweek

Cardholders Are Mad at Bilt’s CEO. They’re Still Renewing

Trump’s Attempt to Make Drugs Cheaper Is Pushing Up Prices in Other Countries

Why Musk’s SpaceX Mega-Merger Is a Mega-Bailout

The New Office Oddity: Co-Workers Dictating Everything Into AI

Kalshi and Polymarket Rewrite the Super Bowl Playbook for Pro Gamblers

©2026 Bloomberg L.P.

Terms and Privacy Policy

Privacy Dashboard

More Info