Westwater Resources hails White House decision on Critical Mineral Tariffs
15.05.2024 | NewsDirect
Westwater Resources SVP and CFO Steve Cates joined Steve Darling from Proactive to express strong support for the initiatives taken by the United States Trade Representative and the White House regarding tariffs on electric vehicles (EVs) and critical minerals. This endorsement came in response to the White House's announcement detailing the outcomes of a comprehensive four-year review of Section 301 tariffs on Chinese imports. Notably, this review has resulted in significant policy changes, including a substantial increase in tariffs on Chinese EV imports, which will rise from 25% to 100% by 2024. Additionally, a new 25% tariff on natural graphite imports from China is set to take effect in 2026.Cates emphasized Westwater Resources' strategic focus on producing high-quality, battery-grade natural graphite anode material within the United States. This initiative is specifically aimed at supporting the burgeoning market for non-Chinese electric vehicles. Cates articulated the company's unwavering commitment to establishing a robust and reliable domestic supply chain for these critical materials.
Westwater Resources firmly believes that these recent tariff measures send a clear and powerful message about the United States' dedication to reshoring its supply chain for essential minerals like graphite. This move is seen as a pivotal step in bolstering domestic production capacities for both batteries and electric vehicles. The company is optimistic that these tariffs will serve as a crucial catalyst for the nascent and vital U.S.-based natural graphite industry, enabling it to compete effectively against the current market dominance held by China.
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