U.S. president Trump said he wants Congress to add tariffs on Iran to the Russia sanctions bill

President Donald Trump has called for Congress to include tariffs on Iran in a sanctions bill initially targeting Russia. The move comes amid ongoing efforts to apply economic pressure on both nations, indicating an intensification of the U.S. stance against Iran. This proposed addition aligns with previous tariff threats and executive actions taken by Trump against countries dealing with Iran, suggesting a continuation of economic escalation rather than a shift towards military action. The market response indicates a decline in the probability of the U.S. ending its blockade on Iran by the end of July 2026, reflecting heightened tensions. Key Takeaways Market pricing suggests a decrease in the likelihood of the U.S. ending the Iranian blockade by July 31, 2026, following Trump’s tariff proposal. Trump’s call for tariffs appears consistent with a hardening U.S. stance towards Iran, impacting market perceptions of reconciliation. Markets appear to interpret the tariff proposal as an indicator of increased economic pressure rather than a move towards direct conflict. What to Watch Markets will be closely monitoring congressional actions regarding the proposed tariff inclusion in the ...