In yet another move he has made to combat Communist China, Senator Marco Rubio (R-FL) introduced the Critical Mineral Supply Chain Realignment Act of 2024 to incentivize safeguarding critical mineral supply chains from China.
The bill imposes mandatory tariffs on electromagnets, permanent magnets, batteries, solar panels, and solar wafers at rates of:
- 150% on goods manufactured by entities controlled by China, irrespective of which country the goods are manufactured in;
- On those goods manufactured in China, 150% in the first year, 300% in the second year, 450% in the third year, and 800% each year after that;
- 25% on goods manufactured in countries that are not allies of the U.S., select free trade partners, or members of the Mineral Security Partnership.
“The U.S. and its partners must end Communist China’s critical mineral industrial monopoly. My bill will provide more certainty to…
