To require increased duties for goods and services imported from countries that import crude oil or petroleum products produced in the Islamic Republic of Iran.
About This Bill
Committee
Latest Action · July 24, 2024
Read twice and referred to the Committee on Finance.
The Tariffs for Terrorism Act of 2024 would authorize the President to impose tariffs of at least 500 percent on all goods and services imported from any country that purchases or trades in Iranian crude oil or petroleum products. The bill is motivated by concerns about Iran's nuclear weapons development, ballistic missile program, and alleged financing of terrorist organizations like Hamas and Hezbollah through oil sales. The President would be required to identify countries engaging in such trade within 90 days of the bill's enactment and every 120 days thereafter, with at least 45 days' notice before implementing any new tariffs. Congress would also be consulted before tariffs take effect, and the tariffs could be terminated once the President certifies that a country has stopped importing Iranian oil products. This legislation would potentially affect major U.S. trading partners and importers of Iranian oil, though no specific funding amount is designated in the bill.
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