WASHINGTON DC – National Foreign Trade Council (NFTC) President Jake Colvin today issued a statement following reports that the Biden Administration has declined to impose tariffs on rare earth magnets:
“The Biden Administration made the right call today by declining to impose new tariffs on neodymium magnets. Tariffs would have done more harm than good, ultimately undermining the Administration’s efforts to create resilient supply chains while also punishing American manufacturers, which rely on neodymium magnets as an essential component in their products.
“Such tariffs would have diminished the competitiveness of American-made products containing these magnets and would have opened the door to retaliation against U.S. exports by our trading partners. Invoking national security as a justification to protect a few industries to the detriment of many others sets a bad example, and we appreciate the Administration’s decision not to do so.”
About the NFTC
The National Foreign Trade Council (NFTC) is the premier business association advancing trade and tax policies that support access to the global marketplace. Founded in 1914, NFTC promotes an open, rules-based global economy on behalf of a diverse membership of U.S.-based businesses.