President Donald Trump said a new 25% tariff on countries that do business with Iran is “effective immediately.”

Cattle farmers may face financial uncertainty and hardship after China added a huge tariff on American beef imports last month.

“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,” Trump posted on Truth Social Monday night. “This Order is final and conclusive.”

Politicians talk a lot about tariffs, and much of what they say boils down to a simple question: Who pays? President Trump has insisted repeatedly that foreign countries will foot the bill for American tariffs.

Some companies anticipate that even if the court invalidates Trump's tariffs, the president will not make it easy for them to get refunds.

The overall trade gap plunged 39% to $29.4 billion in October, as imports fell by 3.2%, Department of Commerce figures show. The deficit was significantly lower than the $58.4 billion median forecast from surveys of economists by Dow Jones Newswires and The Wall Street Journal.

Mexico implemented tariffs on China and other non-free trade agreement countries on Jan. 1, affecting cars, clothing, furniture and more.

The country will also lower levies on medical products including artificial blood vessels and diagnostic kits for certain infectious disease, according to a statement by the Customs Tariff Commission of the State Council.

President ‌Donald Trump ​said ‍on ​Sunday ​he is ⁠weighing a range ‌of responses to ​escalating ‌unrest ‍in Iran, including ⁠possible military ​options, as massive protests continue to roil the country.