The HC Commodities Podcast Tariffs, Metals and Force Majeure with Guy Winter
Apr 24, 2025
Guy Winter, a partner at Fasken and advisor for the Critical Minerals Association, dives into the intricate world of tariffs on metals and critical minerals. He discusses how U.S.-China relations shape these tariffs and impact contracts and mergers. Winter also highlights the challenges posed by export controls on rare earth elements and the ripple effects for Western manufacturers. With a keen legal perspective, he explores negotiating trade complexities in a volatile market and the need for adaptable supply chains amid geopolitical tensions.
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Critical Minerals Cold War
- The trade tensions on critical minerals resemble a heating cold war since China's 2010 rare earth embargo on Japan.
- Tariffs have escalated this conflict to a disruptive level affecting global metals markets and security concerns.
US Tariffs Target Metals, Not All Minerals
- The United States applied 25% tariffs on aluminum, steel, and derivatives, excluding some critical minerals like gold and PGMs.
- The big question remains whether tariffs will extend to critical minerals like copper, impacting national security.
Baseline Tariffs and Pauses
- Since April 5, 2025, a uniform 10% baseline tariff applies on imports into the US.
- Tariffs exceeding 10% are paused during a 90-day review period under the International Emergency Economic Powers Act.