In a day that was already flooded by a relentless firehose of newsflow, Trump added to the leaning tower of chaos when said on Truth Social that he was imposing a 25% tariff on goods from countries "doing business" with Iran (most notably China which is its largest oil client), ratcheting up pressure on the government in Tehran that has been rocked by widespread protests.

Trump said that the new duty would be "effective immediately," without providing any details about the scope or implementation of the charges, leaving traders to act first and ask questions later if at all (a big reason why there is zero liquidity in the market is because people are trading with zero conviction and unwind trades just as fast as they put them on).

The action has the potential to disrupt major US trading relationships across the globe: as Bloomberg notes, Iran's partners include not only neighboring states, but large economies including India, Turkey and especially China.

"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. This Order is final and conclusive," he said.

Previously, Trump had imposed tariffs as high as 50% on Indian goods tied to their purchase of Russian oil, and while India initially reduced its purchases of Russian crude it has since ramped them back up; China on the other hand, never even noticed the Trumpian edict.

Needless to say, the additional 25% tariff - assuming it sticks - hitting Beijing exports risks upsetting the trade truce Trump negotiated with Chinese President Xi Jinping late last year. China is the world's top buyer of Iranian crude and the nation's independent refiners were increasing their intake of the oil as of last month.