Securing Trade and Resources for Advanced Technology, Economic Growth, and International Commerce in Minerals Act or STRATEGIC Minerals Act
This bill authorizes actions to facilitate trade and increase U.S. access to critical minerals and rare earth elements (REEs).
Under the bill, critical minerals are any mineral, element, substance, or material designated as critical by the U.S. Geological Survey (e.g., aluminum and cobalt). Additionally, the bill includes a group of 17 elements within the definition of REEs, including elements used in permanent magnets (e.g., dysprosium and neodymium).
Specifically, the bill authorizes the President, acting through the Office of the U.S. Trade Representative, to (1) negotiate, enter into, and enforce a free trade agreement with a country or countries with respect to critical minerals and REEs when the President determines it is in the national interest; and (2) proclaim a modification or continuance of any existing duty, or continuance of existing duty-free or excise treatment, as the President determines necessary to carry out the agreement. The bill prohibits agreements with nonmarket economy countries that are designated as foreign countries of concern (e.g., China and Russia).
The bill outlines procedures for congressional notification, consultation, and review of these trade agreements.
The bill also expands the definition of domestic source under the Defense Production Act, thereby making certain businesses from countries that are party to free trade agreements under this bill eligible for financial incentives to increase production of critical components, critical technology items, materials, and industrial resources needed for U.S. national security.