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17/05/24

08:03

Post #: 73869315
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Originally posted by mmmmgus: ↑

Here is a free kick for the management team. The US has just announced they are slapping a tariff rate for certain other critical minerals [cobalt?] of 25% in 2024.

Find announcement here:

https://www.whitehouse.gov/briefing...usinesses-from-chinas-unfair-trade-practices/

Batteries, Battery Components and Parts, and Critical Minerals

The tariff rate on lithium-ion EV batteries will increase from 7.5%% to 25% in 2024, while the tariff rate on lithium-ion non-EV batteries will increase from 7.5% to 25% in 2026. The tariff rate on battery parts will increase from 7.5% to 25% in 2024.

The tariff rate on natural graphite and permanent magnets will increase from zero to 25% in 2026. The tariff rate for certain other critical minerals will increase from zero to 25% in 2024.

Despite rapid and recent progress in U.S. onshoring, China currently controls over 80 percent of certain segments of the EV battery supply chain, particularly upstream nodes such as critical minerals mining, processing, and refining. Concentration of critical minerals mining and refining capacity in China leaves our supply chains vulnerable and our national security and clean energy goals at risk. In order to improve U.S. and global resiliency in these supply chains, President Biden has invested across the U.S. battery supply chain to build a sufficient domestic industrial base. Through the Bipartisan Infrastructure Law, the Defense Production Act, and the Inflation Reduction Act, the Biden-Harris Administration has invested nearly $20 billion in grants and loans to expand domestic production capacity of advanced batteries and battery materials. The Inflation Reduction Act also contains manufacturing tax credits to incentivize investment in battery and battery material production in the United States. The President has also established the American Battery Materials Initiative, which will mobilize an all-of-government approach to secure a dependable, robust supply chain for batteries and their inputs.

Cheers mmmgus

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Not sure how this info hasn't permeated through into some news or announcements?

Is it a draft or has it to go via some process for approval?

USG reports and meetings have been putting cobalt near or at the top of the list for defence security for a good long while now the lag between the knowing and the doing is excruciating.

JRV Price at posting: 1.5¢ Sentiment: Buy Disclosure: Held
3 Upvote

0 Great analysis

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