Conflict & Security
Iran trade partners at risk from Trump's 'economic warfare'
Iran's main trade partners face exposure to US President Donald Trump's threat of “economic warfare” against Tehran, with China, the United Arab Emirates, Turkey and Iraq among the countries with the largest trade links.
Trump has threatened any country that trades with Iran. Oil prices rose about 2.5 percent on Thursday after the threat, while US-Iran peace talks remained stalled and the Strait of Hormuz stayed shut.
More than a quarter of Iran's trade is with China, according to World Trade Organization data. The WTO put China's 2024 imports from Iran at $18 billion and exports to Iran at $14.5 billion. Iran mainly exported hydrocarbons and chemical compounds to China and bought industrial machinery, electronic equipment, cars and metals.
The United Arab Emirates had been a major partner before announcing this week that it was suspending all trade with Iran. WTO data said the UAE supplied 30.6 percent of Iran's imports in 2024, worth about $21 billion. Iranian customs authorities said that in the 10 months before January 2026, Iran exported $6.4 billion to the UAE and imported $14.81 billion from it.
Turkey is also a major partner. Iranian customs authorities said Iran imported $5.6 billion in goods from Turkey in the final 10 months of 2025, while exporting $7.91 billion, notably hydrocarbon products.
The same Iranian customs figures put Russian imports from Iran at $930 million and Russian exports to Iran at $1.36 billion in the last 10 months of 2025. They put Iran's exports to Iraq at $7.91 billion over that period, compared with about $450 million in imports.
India's commerce department said trade with Iran fell from $17 billion in 2018–19 to $1.7 billion in 2024–25. Maritime tracker Kpler said India imported about 276,000 barrels of oil per day from Iran in mid-April.
Other trade links are smaller. Germany exported 870.5 million euros, or about $1 billion, to Iran from January to November 2025, according to Destatis. Sri Lanka, Japan and the Philippines also reported exports to Iran in 2024, while official Sri Lankan imports from Iran have been zero since US sanctions on Iranian oil.
Update
China accounted for more than a quarter of Iran's trade in 2024, with $18 billion in imports and $14.5 billion in exports, according to WTO data.
The UAE supplied 30.6 percent of Iran's imports in 2024, valued at about $21 billion, according to WTO data, before announcing a suspension of trade with Iran.
Iranian customs figures for the final 10 months of 2025 or the 10 months before January 2026 gave trade values for Turkey, Russia, Iraq and the UAE.
India's commerce department said bilateral trade with Iran fell from $17 billion in 2018–19 to $1.7 billion in 2024–25.
The item adds trade figures for Germany, Sri Lanka, Japan and the Philippines.
Source note: AFP news report published on 20 August 2026 at 16:41:48 UTC.
Update
European stocks fell in midday trading, with London, Paris and Frankfurt lower.
Oil prices rose about 2.5 percent, with Brent at $93.91 and WTI at $88.01 around 1030 GMT.
US President Donald Trump pledged "economic warfare" against Tehran and threatened countries trading with Iran.
Deutsche Bank's Jim Reid said European markets were more exposed to the latest rise in energy prices than to the US Treasury announcement.
JD Sports shares fell 14 percent after the company cut its annual profit forecast.
Source note: AFP news report published on 20 August 2026 at 11:05:53 UTC.
Update
Hong Kong's Hang Seng Index closed up 0.8 percent at 25,698.49, compared with the earlier reported 1.3 percent gain.
West Texas Intermediate rose 1.6 percent to $87.23 a barrel and Brent rose 1.5 percent to $93.00 a barrel in the latest supplied figures.
London's FTSE 100 was down 0.2 percent at 10,721.90 around 0810 GMT.
A court said Evergrande founder Xu Jiayin was sentenced to life in prison, had political rights revoked for life and had all personal property confiscated.
Source note: AFP news report published on 20 August 2026 at 08:20:31 UTC.
Update
Tokyo's Nikkei 225 closed up 1.4 percent at 66,216.79, while Hong Kong rose 1.3 percent and Shanghai closed up 0.2 percent.
London, Paris and Frankfurt opened lower.
Seoul's Kospi jumped nearly six percent, with SK hynix up 12.7 percent after a $29 billion share buyback announcement and Samsung up more than nine percent.
Brent crude was up 0.6 percent at $92.13 a barrel and West Texas Intermediate was up 0.4 percent at $86.16.
A Chinese court jailed Evergrande founder Xu Jiayin for life and fined the group more than $2 billion.
Source note: AFP news report published on 20 August 2026 at 07:52:32 UTC.
Update
Asian markets rallied Thursday after the US Treasury move.
South Korea's Kospi jumped more than six percent at one point, with SK hynix up more than 12 percent and Samsung up almost nine percent.
Tokyo, Hong Kong, Shanghai, Sydney, Wellington and Manila also rose.
Gold moved back above $4,500 for the first time since early June.
Updated early figures put Brent at $91.82 a barrel and West Texas Intermediate at $86.07.
Source note: AFP news report published on 20 August 2026 at 02:40:54 UTC.
Update
Wall Street closed with modest gains after three losing sessions, with the Dow, S&P 500 and Nasdaq each up 0.2 percent.
Federal Reserve minutes showed many policymakers believed rate increases would be necessary if inflation does not decline, and three of 12 voting FOMC members dissented from the July decision to hold rates steady.
Moderna closed up 177 percent at $174.38 after positive skin cancer vaccine results, while Merck rose 12.6 percent.
Later commodity and currency figures showed Brent crude up 0.7 percent at $91.62 a barrel, WTI up 1.1 percent at $85.83, and the euro at $1.1672.
Source note: AFP news report published on 19 August 2026 at 20:35:11 UTC.
Update
Wall Street indices rose after the US Treasury announcement before giving up some gains.
The dollar fell after the US Treasury signalled larger sovereign bond buybacks to push down long-term yields.
At around 1545 GMT, the Dow was up 0.3 percent, the S&P 500 up 0.4 percent and the Nasdaq up 0.4 percent.
Brent crude was up 1.4 percent at $92.26 a barrel and West Texas Intermediate was up 1.5 percent at $85.29.
Moderna shares were up 125 percent at around $140 in early trading after positive skin cancer vaccine results.
Source note: AFP news report published on 19 August 2026 at 16:01:33 UTC.
Update
The Nasdaq was down 0.4 percent at around 1345 GMT while the Dow and S&P 500 were slightly higher.
Brent and West Texas Intermediate crude were both up 0.5 percent.
South Korea's Kospi closed down 5.8 percent, with SK hynix and Samsung recording large falls.
SK hynix announced a $29 billion share buyback after the Asian market close.
UK inflation rose to 2.9 percent in July, driven by higher energy bills.
Moderna shares were up 107 percent in early trading after positive skin cancer vaccine results with Merck.
Source note: AFP news report published on 19 August 2026 at 14:05:58 UTC.
Update
The US Treasury Department announced it would increase bond buybacks by at least double to support liquidity in longer-dated bonds.
The 30-year US bond yield fell to 5.2 percent after reaching a 19-year peak on Tuesday.
Wall Street stocks opened higher Wednesday, with the Dow, S&P 500 and Nasdaq all up shortly after the open.
Moderna shares essentially doubled and Merck rose around 10 percent after the companies announced encouraging melanoma vaccine trial results.
Source note: AFP news report published on 19 August 2026 at 13:51:34 UTC.
Update
European equities were mixed, with London and Frankfurt lower while Paris gained.
World oil prices were up about 1% on Wednesday.
Official data showed UK inflation rose to 2.9% in July, driven by higher energy bills.
The source gave later market figures around 1030 GMT, including Brent at $91.93 and WTI at $85.00.
Source note: AFP news report published on 19 August 2026 at 11:00:15 UTC.
Update
SK hynix announced after the market closed that it would buy back $29 billion of its shares.
Hong Kong closed up 0.1%, rather than flat in the earlier story.
London was flat while Paris edged up and Frankfurt dipped in European trading.
Oil prices were updated around 0810 GMT, with Brent at $91.31 a barrel and West Texas Intermediate at $85.24.
Source note: AFP news report published on 19 August 2026 at 08:15:54 UTC.
Update
Seoul's Kospi lost 5.8%, with SK hynix down 9.8% and Samsung down nearly 8%.
Tokyo's Nikkei 225 closed down 3.2%, with Kioxia down 12.6% and SoftBank down more than 10%.
Shanghai's Composite closed down 2.4%, while Hong Kong was flat and several other Asian markets fell.
At around 0715 GMT, Brent was up 0.5% at $91.49 a barrel and West Texas Intermediate was up 0.6% at $85.43.
Source note: AFP news report published on 19 August 2026 at 07:28:44 UTC.
Uncertainty notes
The figures come from different authorities and cover different periods, so they should not be combined into a single total.
The item describes countries that could be affected by Trump's threat, but does not establish what measures the United States will take against each country.
Source
AFP news report published on .