STRATEGIC Minerals Act

S. 429, the STRATEGIC Minerals Act, would authorize the President to negotiate, enter into, and enforce free trade agreements focused on critical minerals and rare earth elements. The bill aims to reduce U.S. dependence on foreign sources, particularly China, for materials essential to semiconductors, electric vehicle batteries, renewable energy, and defense systems. Before negotiating any such agreements, the Trade Representative would be required to provide Congress with a classified briefing on the feasibility and advisability of pursuing these trade deals, considering economic impact, strategic partnerships, and national security implications.

The bill would allow the President to modify tariffs and provide trade benefits such as tariff reductions and preferential treatment exclusively to countries that are parties to these agreements. The trade agreement authority would remain in effect until July 1, 2035. Key provisions include requirements for sustainable practices, worker rights, and innovative technologies in mineral-related businesses, as well as mechanisms for congressional oversight and compliance verification. If enacted, the bill could reshape how the United States sources critical minerals needed for modern technology and national defense.