U.S. to suspend tariffs under IEEPA amid record-high trade deficit

The United States Customs and Border Protection -- the largest federal law enforcement agency within the Department of Homeland Security -- announced that it will stop collecting tariffs imposed under the International Emergency Economic Powers Act, effective Tuesday, amid a record-high trade deficit in goods.

The U.S. posted a record 1.24 trillion U.S. dollar trade deficit in goods in 2025, up 2.1 percent from the previous year, according to data released last week by the U.S. Bureau of Economic Analysis.

Statistics show that the United States' annual exports and imports of goods stood at 2.19 trillion dollars and 3.43 trillion dollars in 2025.

The U.S. goods trade deficit with Mexico widened by over 25 billion U.S. dollars to nearly 197 billion U.S. dollars, and its trade deficit with Vietnam jumped by nearly 55 billion U.S. dollars to over 178 billion U.S. dollars.

Data show President Donald Trump's second-term tariff strategy pushed average U.S. tariff rates to 13.6 percent, a level not seen since the 1940s.

U.S. to suspend tariffs under IEEPA amid record-high trade deficit

U.S. to suspend tariffs under IEEPA amid record-high trade deficit

U.S. to suspend tariffs under IEEPA amid record-high trade deficit

Iran has firmly dismissed speculations about a potential "interim agreement" with the United States, stating that such claims have no basis.

Foreign Ministry spokesperson Esmaeil Baghaei addressed numerous rumors regarding the format and substance of ongoing negotiations between Tehran and Washington at a press conference on Monday. He underlined that none of the details circulating are confirmed by Iran, especially those regarding an interim agreement, which he says has "no basis".

Baghaei stressed that negotiations aimed at forcing one side to unilaterally accept the other's demands will not succeed, particularly with Iran.

Iran believes in the legitimacy of its views regarding nuclear-related issues and the lifting of sanctions, and will continue to advance this process if it can yield results, according to the spokesperson.

On reports from Omani sources suggesting that Secretary of Iran's Supreme National Security Council (SNSC) Ali Larijani would travel to Oman on Tuesday to deliver a proposal from Tehran, Baghaei said he was not aware of such a trip and that the information required further verification.

Oman has been serving as a mediator between Iran and the U.S. in their latest talks.

Iran dismisses speculations about interim agreement with US