U.S., Japan strike trade deal on electric vehicle battery minerals — via drivingdotca IndustryNews
Half of the credit for purchasing consumers is reserved for North American-assembled vehicles and batteries, a source of considerable tension with the European Union, Japan and South Korea, who worry that their car and battery makers will be rendered uncompetitive.The other half of the credit is contingent on at least 40 per cent of the value of critical minerals in the battery having been extracted or processed in the United States or a country with a U.S.
The U.S. Treasury is expected to define sourcing requirements for the EV tax subsidies by the end of this week, providing eagerly awaited guidance to the auto, battery and clean energy sectors. The U.S. officials said that the U.S. Trade Representative does not intend to seek approval by Congress for the minerals trade agreement because it falls under the agency’s authority to negotiate sectoral trade agreements at the executive level.Article content
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