Quick access to main page (top) Direct access to main contents Quick access to main page (bottom)

Graphite Mining Companies Outraged as Biden Administration Lifts Chinese Graphite Ban

theguru Views  

The U.S. government is set to hold discussions with domestic graphite producers who suffered damage due to the postponement of a ban on graphite from China. It is analyzed as a means to appease graphite mining companies that are dissatisfied with the Biden administration’s decision.

According to industry sources on the 8th, the U.S. government plans to meet with graphite mining companies, which have been dissatisfied with the decision to suspend the ban on Chinese graphite for two years under the final regulations on the tax deduction of the Inflation Reduction Act (IRA). Graphite workers have been requesting that the Biden administration consult on the newly announced regulations, as graphite is one of the key materials for the highly profitable electric vehicle battery.

Erik Olson, spokesman for the North American Graphite Alliance stated, “The Biden administration has requested to meet with our organization to discuss allowing electric vehicles using Chinese graphite to be eligible for a tax deduction.”

The North American Graphite Alliance is expected to criticize the Biden administration’s decision while demanding evidence on whether electric vehicle companies are converting supply chains outside of China.

The North American Graphite Association explained that the ultimate direction and outcome achieved through this agreement are the aspects they are most interested in and will be closely watched.

The U.S. government previously announced on the 4th (local time) that it would temporarily provide subsidies under the IRA even for electric vehicle batteries that use Chinese graphite. This decision is seen as the U.S. Treasury Department partially accepting the objections of electric vehicle and battery companies. Korean electric vehicle and battery companies are also less worried about subsidies in the U.S. market.

As a result, electric vehicles that use Chinese graphite will receive a tax deduction benefit of up to $7,500 by the end of 2026 if they meet the relevant conditions.

The U.S. government has raised doubts about the effectiveness of the IRA tax credit benefit by prohibiting companies that procure parts or key minerals from Foreign Concern Companies (FEOC) such as China, North Korea, and Russia from receiving it since last December. This is because the global electric vehicle and battery industry is currently dependent on minerals from China. Since Chinese graphite accounts for more than 70% of the global market, failure to provide subsidies could cause significant damage to U.S. electric vehicle sales, which is why the U.S. Treasury Department took a step back.

Meanwhile, the North American Graphite Union and others have been confronting China’s monopoly on graphite. Through lobbying, they urged the U.S. government to impose 25% tariffs on three types of Chinese graphite.

theguru
content@viewusglobal.com

Comments0

300

Comments0

[WORLD] Latest Stories

  • China and Russia Join Hands and Issues Warning Over U.S. Military Space Dominance
  • Japan Rejects China's Industrial Network Proposal Amidst Trilateral Talks
  • Crisis in Gaza: 21 Dead as Israeli Airstrikes Hit Refugee Camp
  • Israel Intensifies Urban Combat in Gaza and Strengthens Measures to to Take Down Hamas
  • Three European Countries Recognize Palestine Statehood
  • Behind Closed Doors: How Israel Allegedly Manipulated International Justice

Weekly Best Articles

  • North Korea Sends ‘Filth Balloons’ into South Korean Territory: A Violation of the Armistice Agreement?
  • North Korea’s GPS Jamming and Missile Launches, Provocations Escalate
  • ILLIT’s ‘Magnetic’ Keeps Pulling Fans: Continues Its Hot Streak on Billboard and Spotify
  • Kim Jong Un’s Sister Mocks South Korea with Trash-Filled Balloons: Border Showdown Imminent?
  • Samsung Workers Strike for the First Time: A Historic Labor Showdown
  • Strike Alert! Canada’s Second-Largest Copper Mine Faces Shutdown
  • NCT Jaehyun Joins Lauv As Special Guest at Seoul Jazz Festival 2024
  • North Korea Fires Over 10 Missiles into the Sea of Japan, Seoul on High Alert
  • NewJeans Joins Beyoncé and Adele Among ‘The Face’s Legendary Cover Stars
  • SEVENTEEN’s Latest Album Holds Strong in Billboard 200
  • Emergency in Seoul: North Korean Flyers Spark Military Response
  • North Carolina Man Shares $100K Lottery Win with Friend – Here’s Why

You May Also Like

  • 1
    Colombia's Search for $20 Billion in Sunken Spanish Gold

    LATEST 

  • 2
    House of 'Home Alone' Hits the Market: Live Like Kevin for $5.25 Million!

    LATEST 

  • 3
    North Korea's Kim Encourages Scientists Post-Failure: 'Do Not Be Dismayed'

    ASIA 

  • 4
    Calls for Military Reform Intensify After Soldier's Death

    ASIA 

  • 5
    Fruit Fury: Koreans Outraged Over Cheap U.S. Apple Prices

    LATEST 

Popular Now

  • 1
    China Chooses iPhone: Apple's Smart Strategy Leads to a 52% Sales Increase

    BUSINESS 

  • 2
    Chinese Influencer Accuses Korea of Cultural Theft

    ENTERTAINMENT 

  • 3
    Drama Off-Screen: KBS Bans Appearances of Convicted Squid Game Actor O Yeong Su

    ENTERTAINMENT 

  • 4
    Dark Side of Eyelash Extensions Revealed: 10 Hidden Dangers You MUST Know!

    LIFESTYLE 

  • 5
    BABYMONSTER Breaks Records on Spotify

    ENTERTAINMENT 

Weekly Best Articles

  • North Korea Sends ‘Filth Balloons’ into South Korean Territory: A Violation of the Armistice Agreement?
  • North Korea’s GPS Jamming and Missile Launches, Provocations Escalate
  • ILLIT’s ‘Magnetic’ Keeps Pulling Fans: Continues Its Hot Streak on Billboard and Spotify
  • Kim Jong Un’s Sister Mocks South Korea with Trash-Filled Balloons: Border Showdown Imminent?
  • Samsung Workers Strike for the First Time: A Historic Labor Showdown
  • Strike Alert! Canada’s Second-Largest Copper Mine Faces Shutdown
  • NCT Jaehyun Joins Lauv As Special Guest at Seoul Jazz Festival 2024
  • North Korea Fires Over 10 Missiles into the Sea of Japan, Seoul on High Alert
  • NewJeans Joins Beyoncé and Adele Among ‘The Face’s Legendary Cover Stars
  • SEVENTEEN’s Latest Album Holds Strong in Billboard 200
  • Emergency in Seoul: North Korean Flyers Spark Military Response
  • North Carolina Man Shares $100K Lottery Win with Friend – Here’s Why

Must-Reads

  • 1
    Colombia's Search for $20 Billion in Sunken Spanish Gold

    LATEST 

  • 2
    House of 'Home Alone' Hits the Market: Live Like Kevin for $5.25 Million!

    LATEST 

  • 3
    North Korea's Kim Encourages Scientists Post-Failure: 'Do Not Be Dismayed'

    ASIA 

  • 4
    Calls for Military Reform Intensify After Soldier's Death

    ASIA 

  • 5
    Fruit Fury: Koreans Outraged Over Cheap U.S. Apple Prices

    LATEST 

Popular Now

  • 1
    China Chooses iPhone: Apple's Smart Strategy Leads to a 52% Sales Increase

    BUSINESS 

  • 2
    Chinese Influencer Accuses Korea of Cultural Theft

    ENTERTAINMENT 

  • 3
    Drama Off-Screen: KBS Bans Appearances of Convicted Squid Game Actor O Yeong Su

    ENTERTAINMENT 

  • 4
    Dark Side of Eyelash Extensions Revealed: 10 Hidden Dangers You MUST Know!

    LIFESTYLE 

  • 5
    BABYMONSTER Breaks Records on Spotify

    ENTERTAINMENT 

Share it on...