Critical Mineral Supply Chain Realignment Act of 2024

The Critical Mineral Supply Chain Realignment Act of 2024 imposes new tariffs on imported electromagnets, battery cells, electric storage batteries, and photovoltaic cells. It sets a baseline 25% tariff on these goods from most countries, but increases rates significantly for products made in China or assembled in countries where Chinese entities have control: 150% for China-based production in the first year, rising to 800% after three years. Goods from specific allies (like Mexico under USMCA or India for 10 years) or designated free trade partners face the lower 25% rate. This directly affects importers of these critical mineral-related products, particularly those sourcing from China or Chinese-controlled supply chains.