Duval Times

U.S. Senator Marco Rubio (R-FL) has introduced the Critical Mineral Supply Chain Realignment Act of 2024, aiming to reduce the United States' reliance on Chinese-controlled supply chains for critical minerals. The bill is designed to address what Rubio describes as a national security vulnerability stemming from the Chinese Communist Party's industrial monopoly on goods that require critical minerals.

"The U.S. and its partners must end Communist China’s critical mineral industrial monopoly," stated Senator Rubio. "My bill will provide more certainty to industry based in the U.S. and partner and ally countries so they may be able to develop a critical mineral industrial ecosystem China’s market manipulations cannot undercut."

The proposed legislation includes mandatory tariffs on various products such as electromagnets, permanent magnets, batteries, solar panels, and solar wafers. These tariffs are structured as follows:

- A 150% tariff on goods manufactured by entities controlled by China, regardless of the manufacturing location.

- For goods manufactured in China: 150% in the first year, 300% in the second year, 450% in the third year, and 800% each subsequent year.

- A 25% tariff 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 bill aims to encourage collaboration among trade partners to establish tariff-free supply chains within their networks. This initiative is expected to redirect capital investments away from China towards the United States and its allies.

In related efforts earlier this year:

- In March 2024, Rubio and colleagues introduced legislation to improve information sharing between the intelligence community and U.S. companies.

- Also in March 2024, Rubio introduced bills aimed at preventing China from flooding U.S. auto markets.

- In November 2023, Rubio and Warner led a push to support critical mineral projects.