Newly negotiated trade deals on critical minerals could qualify as a free-trade agreement, U.S. Treasury says.
WASHINGTON — Battery component and critical mineral sourcing requirements in the U.S. Inflation Reduction Act's consumer tax credit for new electric vehicles will take effect in April, the U.S. Treasury Department said Friday.
It also will require 50 per cent of the value of battery components to be made or assembled in North America. By 2029 — the last year of increases for this part of the credit — it will require 100 per cent. U.S. officials also have been negotiating with the European Union on a battery critical minerals deal. European Commission Executive Vice President Margrethe Vestager on Thursday said she's"optimistic" a deal can be reached with the U.S.
As of March 29, nearly 40 new models are potentially eligible for a tax credit of up to $7,500, according to an IRS list. It is not yet clear how many of those EVs will be eligible for a full or partial credit next month. West Virginia Sen. Joe Manchin on Friday criticized Treasury's guidance for what he said"completely ignores" the law's intent of U.S. energy security and reducing dependence on foreign adversaries such as China for battery materials and manufacturing.
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