Lawmakers put forward a mineral-focused trade union to counterbalance China's dominance
The Senate is set to release a new bill on Wednesday, titled the "Restoring American Mineral Security Act." This bill, sponsored by Sens. Catherine Cortez Masto (D-Nev.) and Bill Hagerty (R-Tenn.), aims to form a "Critical Minerals Security Alliance."
The alliance's primary objective is to promote trade among its members in critical minerals and related products, such as batteries and magnets. It will also strive to create a tariff-free zone for these essential resources among its members.
The focus of the bill is on critical minerals, specifically nickel, cobalt, and lithium. Members of the alliance will match U.S. tariffs on mineral goods and related products from adversarial countries like China and Russia. The alliance will also coordinate and share information around mining and processing of these materials.
An interesting aspect of the bill is that alliance nations would be exempted from future tariffs as part of the agreement. However, the bill does not specify which tariffs the alliance members would be protected from in the future, nor does it mention any specific tariffs that would be zeroed out.
The alliance will involve U.S. trading partners, and its intention is to provide exemption from future tariffs for alliance members. This move is intended to counter China's manipulation of global markets.
It's important to note that the nations intended to join the "Critical Minerals Security Alliance" as envisioned in the bill have not been explicitly listed in the available search results. No specific countries are named in relation to this alliance within the retrieved information.
The U.S. Trade Representative will be authorized to create the "Critical Minerals Security Alliance" according to the bill. The bill's goal is to facilitate trade between alliance members in critical minerals and related products, and to promote trade among its members.
In conclusion, the "Restoring American Mineral Security Act" aims to establish a "Critical Minerals Security Alliance" to counter global market manipulation, promote trade, and create a tariff-free zone for critical minerals and related products among its members. The bill is scheduled for release on Wednesday.
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