Tariffs for Terrorism Act of 2024

Bill: 118-s-4761
Sponsor: full_name: Sen. Graham, Lindsey [R-SC]
Introduced: 2024-07-24
Policy area: Foreign Trade and International Finance
Latest action: action_date: 2024-07-24
text: Read twice and referred to the Committee on Finance.

Summaries:

tv_txt: II 118th CONGRESS 2d Session S. 4761 IN THE SENATE OF THE UNITED STATES July 24, 2024 Mr. Graham introduced the following bill; which was read twice and referred to the Committee on Finance A BILL 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.

1. Short title This Act may be cited as the Tariffs for Terrorism Act of 2024 . 2. Findings Congress makes the following findings: (1) Since the Iranian Revolution in 1979, the Islamic Republic of Iran has engaged in acts of international terrorism and continuously threatened the United States, Israel, and other allies and partners of the United States. (2) On January 19, 1984, the United States designated the Islamic Republic of Iran as a state sponsor of terrorism for repeatedly providing support for acts of international terrorism. (3) Under Ayatollah Ali Khamenei, the Islamic Republic of Iran has advanced its ballistic missile program and is, in 2024, home to the largest and most diverse ballistic missile arsenal in the Middle East. (4) Under Ayatollah Ali Khamenei, the nuclear program of the Islamic Republic of Iran has grown considerably in scale and scope, posing serious threats to the security interests of the United States, Israel, and other allies and partners of the United States. (5) On May 22, 2020, Ayatollah Ali Khamenei stated, The Zionist regime [Israel] is a deadly, cancerous tumor in the region. It will undoubtedly be uprooted and destroyed. . (6) On December 2, 2022, the Director General of the International Atomic Energy Agency, Rafael Grossi, stated, Iran informed us they were tripling, not doubling, tripling their capacity to enrich uranium at 60 percent, which is very close to military level, which is 90 percent. . (7) On January 25, 2023, Director General Grossi stated that the Islamic Republic of Iran had amassed enough nuclear material to produce several nuclear weapons . (8) An Islamic Republic of Iran that possesses a nuclear weapons capability would pose— (A) a serious threat to the national security of the United States, allies and partners of the United States, and the stability of the Middle East and beyond; and (B) a threat of existential dimensions to the State of Israel. (9) Oil sanctions have been inadequacy enforced, allowing the Islamic Republic of Iran to generate billions of dollars to finance proxies such as Hamas and Hezbollah. 3. Increases in duties on goods and services imported from countries that import oil produced in Islamic Republic of Iran (a) In general Notwithstanding any other provision of law, the President shall increase, to a rate of not less than the equivalent of 500 percent ad valorem, the rate of duty applicable to all goods and services imported into the United States from any foreign country that the President determines purchases, trades, consumes, or imports crude oil or petroleum products produced in the Islamic Republic of Iran. (b) Imposition of duties Not later than 90 days after the date of the enactment of this Act, and every 120 days thereafter, the President shall— (1) identify countries described in subsection (a); and (2) increase the rates of duty applicable to goods and services imported from such countries as necessary to comply with subsection (a). (c) Recommendations for higher rate The United States Trade Representative, in consultation with the Secretary of the Treasury, the Secretary of Commerce, and the heads of other relevant Federal agencies, shall provide recommendations to the President with respect to goods and services described in subsection (a) that should be subject to a rate of duty that exceeds the equivalent of 500 percent ad valorem. (d) Duty rate in addition to antidumping and countervailing duties The rate of duty required under subsection (a) with respect to a good or service described in that subsection shall be in addition to any antidumping or countervailing duty applicable with respect to the good or service under title VII of the Tariff Act of 1930 ( 19 U.S.C. 1671 et seq. ). (e) Notice requirements (1) Notice to and consultation with Congress Before increasing under subsection (a) the rates of duty applicable to goods and services imported from a country described in that subsection, the President shall provide notice to and consult with the Committee on Finance of the Senate and the Committee on Ways and Means of the House of Representatives regarding the increase. (2) Publication Not less than 45 days before the effective date of any increase under subsection (a) in the rates of duty applicable to goods and services imported from a country described in that subsection, the President shall publish notice of the increase in the Federal Register. (f) Termination The President shall terminate the application of any increase under subsection (a) in the rates of duty applicable to goods and services imported from a country described in that subsection effective on the date on which the President certifies in writing to Congress that the country is no longer purchasing, trading, consuming, or importing crude oil or petroleum products produced in the Islamic Republic of Iran. (g) Petroleum products defined In this section, the term petroleum products includes unfinished oils, liquefied petroleum gases, pentanes plus, aviation gasoline, motor gasoline, naphtha-type jet fuel, kerosene-type jet fuel, kerosene, distillate fuel oil, residual fuel oil, petrochemical feedstocks, special naphthas, lubricants, waxes, petroleum coke, asphalt, road oil, still gas, and miscellaneous products obtained from the processing of crude oil (including lease condensate), natural gas, and other hydrocarbon compounds.