Critical Mineral Supply Chain Realignment Act of 2024

Bill: 118-s-4702
Sponsor: full_name: Sen. Rubio, Marco [R-FL]
Introduced: 2024-07-11
Policy area: Foreign Trade and International Finance
Latest action: action_date: 2024-07-11
text: Read twice and referred to the Committee on Finance.

Summaries:

tv_txt: II 118th CONGRESS 2d Session S. 4702 IN THE SENATE OF THE UNITED STATES July 11 (legislative day, July 10), 2024 Mr. Rubio introduced the following bill; which was read twice and referred to the Committee on Finance A BILL To impose duties on electromagnets, battery cells, electric storage batteries, and photovoltaic cells imported from certain countries.

1. Short title This Act may be cited as the Critical Mineral Supply Chain Realignment Act of 2024 . 2. Duties on electromagnets, battery cells, electric storage batteries, and photovoltaic cells imported from certain countries (a) In general Notwithstanding any other provision of law, there shall be imposed a duty at the rate specified in subsection (b) on each article that is imported into the United States and classified under any of the following headings or subheadings of the Harmonized Tariff Schedule of the United States: (1) 8505. (2) 8506. (3) 8507. (4) 8541.42.00. (5) 8541.43.00. (b) Rates of duty specified The rate of duty specified in this subsection with respect to an article described in subsection (a) is— (1) 25 percent ad valorem on and after the date of the enactment of this Act if the article was produced or manufactured, or underwent final assembly, in a country other than— (A) an ally described in section 3(b)(2) of the Arms Export Control Act ( 22 U.S.C. 2753(b)(2) ); (B) a country designated by the President as a major non-NATO ally under section 517 of the Foreign Assistance Act of 1961 ( 22 U.S.C. 2321k ); (C) Mexico, if the United States-Mexico-Canada Agreement, or a successor agreement, is in effect; (D) Costa Rica, El Salvador, Guatemala, Honduras, and the Dominican Republic, if the Dominican Republic-Central America Free Trade Agreement, or a successor agreement, is in effect; (E) Chile, if the United States-Chile Free Trade Agreement, or a successor agreement, is in effect; and (F) India, for a period of 10 years beginning on the date of the enactment of this Act; (2) if the article was produced or manufactured, or underwent final assembly, by a person of the People’s Republic of China in a country described in paragraph (1), 150 percent ad valorem on and after such date of enactment; and (3) if the article was produced or manufactured, or underwent final assembly, in the People’s Republic of China— (A) 150 percent ad valorem during the period— (i) beginning on such date of enactment; and (ii) ending on the day before the date that is 1 year after such date of enactment; (B) 300 percent ad valorem during the period— (i) beginning on the date that is 1 year after such date of enactment; and (ii) ending on the day before the date that is 2 years after such date of enactment; (C) 450 percent ad valorem during the period— (i) beginning on the date that is 2 years after such date of enactment; and (ii) ending on the day before the date that is 3 years after such date of enactment; and (D) 800 percent ad valorem on and after the date that is 3 year after such date of enactment. (c) Additional duties The duty imposed under subsection (a) with respect to an article described in that subsection is in addition to any other duty applicable to the article. (d) Definitions In this section: (1) Control The term control has the meaning given that term in section 800.208 of title 31, Code of Federal Regulations (as in effect on the date of the enactment of this Act). (2) Owned, controlled, directed, or operated The term owned, controlled, directed, or operated , with respect to an entity, includes any entity for which, on any date during the most recent 12-month period, not less than 25 percent of the equity interests in such entity are held directly or indirectly by 1 or more persons of the People’s Republic of China described in any of subparagraphs (A) through (E) of paragraph (3), including through— (A) interests in co-investment vehicles, joint ventures, or similar arrangements; or (B) a derivative financial instrument or contractual arrangement between the entity and such a person, including any such instrument or contract that seeks to replicate any financial return with respect to such entity or interest in such entity. (3) Person of the People’s republic of China The term person of the People’s Republic of China means— (A) the Government of the People’s Republic of China; (B) any agency, instrumentality, official, or agent of that Government; (C) any entity the headquarters of which are located in the People’s Republic of China; (D) any entity organized under the laws of the People’s Republic of China; (E) any entity substantively involved in the industrial policies or military-civil fusion strategy of the People’s Republic of China, including by accepting funding from, performing a service for, or receiving a subsidy from the People’s Republic of China related to such policies or strategy; or (F) any entity owned, controlled, directed, or operated by an entity described in any of subparagraphs (A) through (E).