The bill would allow the U.S. Trade Representative to negotiate a Critical Minerals Security Alliance with other countries. Members would agree to duties or other trade measures on minerals and selected products from countries of concern, share information about their mining and processing capacity, and remove duties on qualifying imports from other alliance members. Congress would have up to 90 days to block a country’s entry or changes to its agreement. Once the first country joins, the United States would apply specified duties to covered imports from countries and entities of concern. The bill would also create a trust fund to support U.S. and international mineral projects.
The bill does not describe specific effects on individuals. It could change duties on certain mineral imports and products, while imports from alliance members would receive duty-free treatment under the bill’s terms. The fund could support mining, processing, and manufacturing projects.
The Treasury would transfer to the trust fund an amount equal to duties collected on imported mined and processed critical minerals, starting in the first fiscal year a country joins the alliance. The fund would allocate 60 percent to the Energy Department’s Loan Programs Office, 20 percent to the Defense Department, and 20 percent to the U.S. International Development Finance Corporation. The bill does not state a total dollar amount.
The bill states that reliable mineral supplies are important for U.S. defense, manufacturing, and energy needs. It says cooperation with trading partners could address unfair trade practices and support a domestic critical minerals industry.
No publicly available information.