STRATEGIC Minerals Act

Economic Growth and Employment: The bill aims to foster economic growth, raise living standards, and promote full employment through the development and trade of critical minerals and rare earth elements (Section 4(c)(1)(D)).

Support for Small Businesses: The negotiating objectives include affording equitable trade benefits to small businesses and reducing trade or investment barriers that disproportionally affect them (Section 4(c)(1)(I)).

Worker and Child Protections: The act seeks to promote respect for worker rights and the rights of children consistent with International Labour Organization standards (Section 4(c)(1)(G)) and encourages compliance with conventions regarding the elimination of the worst forms of child labor (Section 4(c)(1)(J)).

Environmental and Health Protections: The bill aims to promote sustainable practices and circularity in production (Section 4(c)(1)(E)) and includes provisions to ensure that trade agreements do not require changes to United States laws relating to health, safety, essential security, and consumer interests (Section 4(c)(1)(M)).

Supply Chain Security: By strengthening supply chains and reducing barriers to trade, the act intends to enhance the economic competitiveness and national security of the United States (Section 4(a)(1)).

Strict Requirements for Business Compliance: Under the amended Defense Production Act, businesses may face significant penalties if they fail to comply with specific ownership and sales requirements, including the potential need to repay funds, disqualification from future contracts, civil penalties, or even criminal prosecution (Section 5, Section 702(7)(B)(iii)(II)).

Restrictions on Trade with Nonmarket Economies: The President is prohibited from negotiating covered free trade agreements with countries determined to be nonmarket economy countries (Section 4(e)(3)(A)).

Exclusion of Non-Participant Countries: Trade benefits and advantages provided under these agreements are reserved exclusively for countries that are parties to the agreement, meaning non-participating countries cannot receive those specific benefits (Section 4(e)(2)(A)).