A bill to embargo trade between the United States and Iran until the Government of Iran renounces terrorism, negotiates in good faith to end regional warfare, and takes other appropriate action.

Prohibits: (1) the importation of Iranian products; and (2) the exportation of U.S. products to Iran.

Authorizes the President to terminate such prohibitions if he determines and reports to the Congress that such action would be in the national interest of the United States. Prohibits the President from making such determination unless he is satisfied that Iran: (1) renounces the use of terrorism; (2) will abide by the rules of international law with respect to freedom of shipping in the Persian Gulf; and (3) will participate in good faith negotiations to end the hostilities in the Persian Gulf.