Trump formalizes order threatening tariffs on nations that do business with Iran

WASHINGTON

US President Donald Trump signed an executive order Friday establishing authorities to impose tariffs on nations that do business with Iran, but stopped short of actually imposing the penalties.

The order was issued on the same day the US met with Iran for nuclear talks for the first time in more than half-a-year. It does not specify what percent the secondary tariffs will be set at, but cites 25% as an "example."

Trump's order said the duty "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."

It tasks the secretaries of state and commerce with determining "whether, after the effective date of this order, a foreign country directly or indirectly purchases, imports, or otherwise acquires any goods or services from Iran."

"After the Secretary of Commerce finds that a foreign country directly or indirectly purchases, imports, or otherwise acquires any goods or services from Iran, the Secretary of Commerce shall inform the Secretary of State of his finding, including any information relevant to that finding," it adds.

Trump first announced the penalties last month in a social media post issued as Iran was in the midst of sweeping mass demonstrations, and was being accused of gross rights abuses to quell them.

The order is slated to take effect early Saturday.