US to impose 25% tariff on any country doing business with Iran: Trump

The US will impose a 25% tariff on any country doing business with Iran, US President Donald Trump said on Jan. 12.

"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," Trump said on his social media site, Truth Social.

Trump's announcement followed his warnings on Jan. 9 that the US would retaliate if Iranian authorities killed protesters amid growing social unrest in the country.

Escalating civil unrest in Iran and the threat of US military intervention are placing the spotlight on the country's oil industry, which is a key supplier of heavy-sour crude to Asia.

Iran's crude and condensate exports averaged 1.4 million b/d in December 2025 and 460,000 b/d so far in January 2026, compared with 1.9 million b/d in November, according to preliminary data from S&P Global Commodities at Sea.

Iran primarily exports crude and condensate to Singapore, China and Malaysia, CAS data shows.

Metals and mining

Iran has significant reserves of copper, iron ore, zinc and bauxite and produces refined steel, aluminum, copper and zinc products. The country ranks among the top producers of metals in the Middle East.

Iran holds 3.8 billion metric tons of iron ore, or about 1.9% of the world's reserves, according to the US Geological Survey. It also holds zinc reserves and around 2.6 billion mt of copper reserves, representing 5% of the world's known reserves, according to the Iranian Mines and Mining Industries Development and Renovation Organization.

The country's metal production has grown in recent years after considerable investments in the industry with key exports of steel, copper, iron ore and zinc to countries in Asia, Europe and the Middle East.