President Trump on Thursday threatened to slap secondary sanctions and cut off business with foreign countries that purchase Iranian oil products, hours after planned nuclear talks with Tehran were postponed.
Although he did not mention any country specifically, the threat appears to implicate China the most, which the State Department has described as “by far the largest importer of Iranian oil,” buying about 1.6 million barrels a day.
“All purchases of Iranian Oil, or Petrochemical products, must stop, NOW!” Trump, 78, wrote on Truth Social. “Any Country or person who buys ANY AMOUNT of OIL or PETROCHEMICALS from Iran will be subject to, immediately, Secondary Sanctions.”
“They will not be allowed to do business with the United States of America in any way, shape, or form.”
Trump has been mounting a “maximum pressure” campaign against Iran as a means of containing its ability to fund its terrorist proxies in the Middle East and its nuclear program.
It is not entirely clear what motivated his latest threat against the theocratic regime, but it comes a day after Defense Secretary Pete Hegseth put Iran on notice over its support for Houthi terrorists, who have been wreaking havoc in the Red Sea.
“Message to IRAN: We see your LETHAL support to The Houthis. We know exactly what you are doing,” Hegseth declared on X Wednesday.
“You know very well what the U.S. Military is capable of — and you were warned. You will pay the CONSEQUENCE at the time and place of our choosing.”
Iran is one of the largest producers of oil in the Organization of the Petroleum Exporting Countries (OPEC). US crude oil futures jumped to $59.24 a barrel, marking an increase of about $1.03, or 1.77%, following the announcement.
Oil remains a top revenue source for Iran and a valuable export. In 2023, it accounted for over 40% of Iran’s total exports, according to an assessment from the Foundation for Defense of Democracies.
Trump’s threat against Iran came hours after Omani Foreign Minister Badr al-Busaidi announced that planned talks between Washington and Tehran over the weekend in Rome that it had been set to mediate were postponed.
Al-Busaidi chalked the delay up to “logistical reasons” but did not elaborate on the specific issues that led to the postponement.
Talks over Iran’s nuclear program began in mid-April, and there have been discussions in Oman’s capital, Muscat, as well as Rome so far.
Trump confirmed in March that he sent a letter to Iran’s Supreme Leader Ayatollah Ali Khamenei seeking to revive talks over the country’s nuclear program.
At times, the president has kept open the possibility of using military force against Iran if negotiations falter.
“I’m not asking for much … but they can’t have a nuclear weapon,” the president told reporters April 9. “If it requires military, we’re going to have military. Israel will, obviously, be … the leader of that. No one leads us. We do what we want.”
As he makes the sanctions threat against countries purchasing oil from Iran, Trump is navigating a dicey global trade environment after slapping tariffs on virtually every country on the planet.
At the moment, Trump has slapped a baseline tariff against almost all imports and has implemented a 90-day pause on his planned customized tariffs for specific countries until July 8.
Trump also has a 25% automotive tariff, 25% tariff on steel and aluminum, and 25% tariff on imports from Canada and Mexico that don’t comply with the United States-Mexico-Canada Agreement (USMCA) in place.
China is also subject to a 125% retaliatory tariff in addition to the 20% rate imposed earlier this year due to Trump’s fentanyl demands, with limited carveouts.
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