The United States and Japan on Tuesday announced a trade deal on electric vehicle battery minerals that is key to strengthening their battery supply chains and granting Japanese automakers wider access to the new $7,500 U.S. EV tax credit.
The swiftly negotiated agreement prohibits the two countries from enacting bilateral export restrictions on the minerals most critical for EV batteries, according to senior Biden administration officials. Those minerals include lithium, nickel, cobalt, graphite and manganese.
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 officials said that USTR 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.
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