Global Strategy to Secure Critical Minerals Supply Chains and Boost US Processing.
This Act aims to secure the supply of critical materials (like rare earth elements) essential for US national security and economic stability by increasing financial and diplomatic support for mining and processing projects abroad. It authorizes a major domestic financial assistance program (up to $750M annually) for building US metallurgy and recycling facilities, fostering job creation and reducing reliance on foreign adversaries. Citizens may see long-term stability in the supply of high-tech goods, alongside potential changes in the cost of imported batteries and solar components due to proposed tariff assessments.
Key points
Domestic Investment: Establishes a $750M annual financial assistance program for building and upgrading US facilities for critical material processing and recycling, creating new domestic jobs.
Supply Chain Security: Increases financial and diplomatic tools to support US companies securing critical material projects overseas, reducing vulnerability to supply disruptions.
Tariff Assessment: Requires a report assessing the imposition of new duties (tariffs) on imported electromagnets, batteries, and solar cells from non-allied countries, particularly China.
Workforce Development: Launches initiatives to expand training and apprenticeships in advanced critical material mining and metallurgy.
Expired
Citizen Poll