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Congress must act on a bipartisan solution to our critical minerals crisis
U.S. Senator Marco Rubio (R-FL)
August 9, 2024
…Congress took a step to address the chips shortage with industrial policy, but it did so belatedly. Then the Biden-Harris administration allowed competing priorities to erode the effectiveness of the legislation. We can’t afford to make the same mistakes again….
Electromagnets, semiconductors, batteries: Each of these technologies plays an essential role in America’s defense, health care, energy and transportation sectors. Each depends on critical minerals for its production. Just as with other strategically valuable sectors, however, China has leveraged unfair economic practices to destroy America’s competitiveness and attain industrial domination, leaving us at its mercy….
Thankfully, securing access to critical minerals is a goal both Republicans and Democrats can agree on. As chairman and vice chairman of the Senate Select Committee on Intelligence, Sen. Mark Warner (D-Va.) and I have introduced legislation to help America compete. Our Global Strategy for Securing Critical Minerals Act is a consensus package that would chart an aggressive course toward economic independence from China….
Beyond this effort, I have introduced separate legislation, the Critical Mineral Supply Chain Realignment Act, to outline how additional duty rates should be applied to Chinese critical mineral products. My bill would impose 800 percent tariffs on such products manufactured in China, 150 percent tariffs on Chinese entities that attempt to circumvent duties by “country hopping,” and 25 percent tariffs on those products made by any country that isn’t a designated U.S. ally, Western Hemisphere free-trade partner, or current member of the Mineral Security Partnership.
These measures would boost private sector confidence and allow us, our allies, and our partners to develop a critical mineral supply chain impenetrable to Beijing. They are tough measures, to be sure, but that is precisely what we need….