Senator Lindsey Graham of South Carolina has proposed a bill that would mandate the U.S. President to implement tariffs of at least 500% on all goods imported from countries that engage in oil transactions with Iran. The “Tariffs for Terrorism Act of 2024” stipulates that within 90 days of its enactment, the administration must identify the nations purchasing Iranian oil, with updates to this list every 120 days. Additionally, the U.S. Trade Representative, along with other relevant agencies, could suggest whether certain imports should face tariffs exceeding 500%. Importers would receive a minimum notice of 45 days prior to the implementation of these tariff increases.
In a press release dated July 25, Senator Graham expressed his views on the bill, emphasizing the urgency of penalizing nations that financially support the Iranian regime. “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,” he stated. Graham also noted that he had discussed this legislation with Republican presidential nominee Donald Trump. According to a report by Nikkei, Chinese companies are the primary purchasers of Iranian oil, accounting for 90% of its sales.
