Us Congress Senate Bill SB4761

Us Congress 2023-2024 Regular Session

• Introduced: 7/24/24
• Refer: 7/24/24

Caption

Tariffs for Terrorism Act of 2024

Impact

If enacted, SB4761 would have considerable implications for United States trade relations, especially with countries linked to Iranian oil. The increased tariffs may discourage international trade with nations that do business with Iran, potentially isolating Iran economically while also impacting American businesses and consumers who may face higher prices due to the tariffs levied on imported goods. Additionally, the bill aims to strengthen national security by targeting economic support for terrorism-related activities linked to Iran.

Summary

SB4761, titled the 'Tariffs for Terrorism Act of 2024', seeks to impose significantly higher duties on goods and services imported from countries that purchase, trade, or consume crude oil or petroleum products produced in the Islamic Republic of Iran. The bill mandates that the President increase the duty rate to not less than 500 percent ad valorem, with a systematic review every 120 days to identify and impose such duties on relevant imports.

Contention

The bill has sparked debate, particularly around the effectiveness of such high tariffs as a means of curbing Iran's nuclear ambitions and terrorist support. Critics may argue that while the tariffs could economically strain Iran, they could also escalate tensions with other countries engaged in lawful trade with Iran, creating diplomatic friction. Supporters, however, emphasize the necessity of taking strong economic measures against a nation they view as a persistent threat to regional and global stability.