Bill Would Require 500% Tariffs on All Products From Countries Buying Iranian Oil
Sen. Lindsey Graham, R-S.C., introduced a bill that would require the president to impose tariffs of at least 500% on all products imported from countries that buy oil or petroleum products from Iran.
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The Tariffs for Terrorism Act of 2024 says that within 90 days of passage, the administration would have to identify countries that buy Iranian oil, and the list would be updated every 120 days. The Office of the U.S. Trade Representative and other agencies could recommend if any products should be tariffed at more than 500%. Importers would be given at least 45 days' notice before the tariff hikes.
“It is long past time to make those that enrich this terrorist regime pay a price, and there’s no better price than tariffs on products coming into the United States. On day one, President Trump will re-impose maximum pressure on Iran. Tariffs on countries that empower terrorism and the Ayatollah is a good place to start," Graham said in a news release July 25 announcing the bill. He said he consulted with Republican presidential nominee Donald Trump on the bill.
Chinese firms buy 90% of Iranian oil, according to Nikkei reporting.