The Tariffs for Terrorism Act of 2024 aims to impose steep duties on goods and services imported into the United States from countries that buy crude oil or petroleum products from Iran. These duties could be as high as 500% to discourage international trade with Iran, which...
Simple Explanation
The Tariffs for Terrorism Act of 2024 is like a new rule that says the U.S. can charge a lot more money (up to 500% extra) on stuff it buys from countries that get oil from Iran, to try and stop Iran from getting money that might be used for bad things. Every four months, they will check which countries this affects, but it's a tricky process that could make trading with other countries confusing or difficult.