Diplomatic efforts, more investments, and the assessment of possible duties.
A bipartisan group of senators has introduced a bill to bolster the supply of critical minerals while addressing China’s dominance in the sector. The 44-page-long legislation tabled by the group led by Republican Marco Rubio and Democrat Mark Werner is the successor of a letter the two senators wrote to the Biden administration in November last year (we reported). Rubio and Werner then called for action to safeguard critical mineral supply chains. The now-introduced Global Strategy for Securing Critical Minerals Act of 2024 sets out an increased focus on diplomacy to secure supply from abroad and support U.S. companies investing in foreign projects.
The bill also sets out the creation of a fund to assist public sector investments in critical mineral projects and train a specialized workforce. In addition, the bill also lays out an assessment of the imposition of import duties on electromagnets, battery cells, electric storage batteries, and photovoltaic cells imported from China and “certain” other countries. These countries exclude allies, countries with a free trade agreement, India, and major non-NATO allies. U.S. President Joe Biden imposed import tariffs on Chinese imports in May, including on the items listed in the new bill. The assessment’s likely goal is to close possible loopholes when Chinese products are shipped through a third country.
Senator Warner emphasized that the bill would serve as a “roadmap for the U.S. to counter China’s dominance in the sector.”
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