TUESDAY Reuters - June 18, 2024
The chair and top Democrat on the House select committee on China will announce Tuesday they are launching a bipartisan working group to reduce China's dominance of critical mineral supply chains…Representative John Moolenaar, the committee chair, and Raja Krishnamoorthi, the top Democrat, said the new working group will help propose policies to lower U.S. reliance on China for critical minerals used in a variety of products from semiconductors and wind turbines to electric vehicles…"Critical minerals are the building blocks of everything from basic consumer goods to advanced military technology. America’s reliance on the Chinese Communist Party’s control of the critical mineral supply chain would quickly become an existential vulnerability in the event of a conflict," Moolenaar said in a statement…The Biden administration last month announced it plans to impose new tariffs on $18 billion in Chinese goods including electric vehicles, batteries, semiconductors, aluminum, critical minerals, solar cells, ship-to-shore cranes, and medical products. Tariffs for certain critical minerals will increase from zero to 25% later this year.