Trump said that the decision would be "immediately" in effect and that the "order is final and conclusive."
India has said it will take all steps to protect its national interests and ensure comprehensive national security in all domains after Pakistan and Saudi Arabia signed a strategic defence pact.
India's merchandise exports in April 2024 marginally rose to $34.99 billion from $34.62 billion in the year-ago month, according to government data released on Wednesday. Imports too increased to $54.09 billion from $49.06 billion in April 2023.
The port is likely to ramp up trade between India, Afghanistan and Iran in the wake of Pakistan denying transit access to New Delhi for trade with the two countries.
India and Iran on Monday signed a 10-year contract for the operation of a terminal at the strategically important Chabahar port in Iran, a move that will boost regional connectivity as well as trade ties. This is the first time India will take over the management of an overseas port that will also have a multiplier effect on trade among India, Iran and Afghanistan as efforts continue to directly tap the potential in Central Asia, bypassing neighbouring Pakistan.
The US has told India and other countries to cut oil imports from Iran to 'zero' by November 4 or face sanctions.
The government is buying out the shares of India Ports Global, which are now held in a 60-40 ratio by the JNPT and Deendayal Port Trust in Kandla.
PM Modi and Rouhani inked nine pacts including a lease contract for a part of Chabahar port's operation for 18 months.
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