Trump is using his tariff playbook against Iran. It’s not working | CNN Business

The U.S. has positions also, much stronger and more far reaching. I have just not chosen to use them, there was never a reason for me to do so — UNTIL NOW! That stunning threat of unprecedented force from President Donald Trump sent the stock market tumbling nearly 3% – on October 10, 2025. In a two-part Truth Social post six months ago, Trump said the United States would shut off critical exports to China and raise tariffs on Chinese goods to 100%, a maximalist threat to regain lost American leverage. If that all sounds familiar, that’s for a good reason. Today, the United States faces a remarkably similar kind of economic threat from Iran as it did from China last year. In response, Trump is employing the same extreme playbook he used against China and other trading partners: Dial up the threat to 11, demand the world, and settle for something more than America started with. Trump has threatened massive retaliation against Iran if it fails to open the Strait of Hormuz – the critical waterway through which 20% of the world’s crude typically travels. On Sunday, Trump once again upped the ante, saying the US Navy would blockade the strait. The problem is, this isn’t a tr