STRATEGIC Minerals Act

This bill authorizes the U.S. President to negotiate "covered free trade agreements" focused on critical minerals and rare earth elements to secure supply chains. Before negotiations begin, the Trade Representative must provide a classified briefing to Congress on feasibility, objectives, and potential challenges, including how these agreements will reduce trade barriers. The agreements must exclude non-market economy countries and include provisions to prevent foreign entities of concern from gaining benefits. Companies in participating countries can be treated as domestic sources for certain defense production activities under the Defense Production Act if they meet specific requirements regarding foreign ownership and mineral processing. The authority to negotiate these agreements expires on July 1, 2035.