Rubio Bill Would Impose Tariffs on Chinese Companies' Products, No Matter Country of Origin
Sen. Marco Rubio, R-Fla., introduced a bill that would impose 150% tariffs on electromagnets, permanent magnets, batteries, solar panels, and solar wafers made by entities controlled by China, even if those products were manufactured in other countries. The Critical Mineral Supply Chain Realignment Act of 2024 also would keep hiking tariffs on those goods made in China, to 300% in the second year, 450% in the third year, and 800% after that.
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The only countries that could receive tariff-free treatment for these products would be members of NATO, plus Mexico, CAFTA-DR countries, Chile, India, Argentina, Australia, Bahrain, Brazil, Colombia, Egypt, Israel, Japan, Jordan, Kuwait, Morocco, New Zealand, Pakistan, Philippines, Qatar, South Korea, Thailand, Taiwan and Tunisia. Countries in the Minerals Security Partnership also could avoid tariffs.
For all others, a 25% tariff would apply.
"The U.S. and its partners must end Communist China’s critical mineral industrial monopoly. 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," Rubio said in a press release last week.