Strategic Minerals Act Encourages USTR to Negotiate CMAs
Four senators, a pair from both parties, introduced a bill that would authorize the U.S. trade representative, with consultation with Congress about objectives, to negotiate specialized trade agreements focused on critical minerals and rare earth elements. Those trade agreements would also need to get a vote of approval from Congress before they could enter into force.
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The Securing Trade and Resources for Advanced Technology, Economic Growth, and International Commerce (STRATEGIC) in Minerals Act was introduced Dec. 5 by Sens. Todd Young, R-Ind.; Chris Coons, D-Del.; John Cornyn, R-Texas; and John Hickenlooper, D-Colo.
“Our nation relies on critical minerals for everything from consumer goods to defense technologies, and a dependence on foreign adversaries for these materials is a national security vulnerability we cannot afford,” Young said in the release announcing the bill. “Negotiating more trade agreements on critical minerals with trusted partners will help shore up our supply of these resources, protect American interests, and strengthen our national security.”
“The STRATEGIC Act will decrease our dependence on unreliable entities and strengthen America’s access to the resources we need,” Coons said.
The bill's language restricts these limited free trade agreements to market economies. It also says any such agreement will provide trade benefits, "including tariff reductions, preferential treatment, or other trade advantages related to critical minerals and rare earth elements, exclusively to countries that are parties to the agreement."