Yellen: Sales of Critical Minerals to Increase US Imports from Chile ‘Significantly’

According to U.S. Treasury Secretary Janet Yellen, there is expected to be a significant increase in U.S. imports from Chile in the coming years due to the expanding demand for lithium.

Yellen stated that a key objective of the U.S. Inflation Reduction Act is to decrease reliance on China. She emphasized the importance of expanding domestic production and exploring alternative sources for critical minerals, such as lithium, which are essential for powering electric vehicles.

“We aim to source minerals from our trade partners, particularly from countries like Chile that prioritize environmental sustainability and have a strong climate agenda,” Yellen remarked to reporters following a visit to a lithium conversion plant owned by U.S. company Albemarle.

Yellen anticipates that the increased demand for lithium will lead to a rise in U.S. imports from Chile and a greater share of Chilean exports. Currently, China stands as Chile’s primary export market.

“While I cannot provide specific figures, I believe we will significantly increase our lithium purchases from Chile, as discussed during the course of this trip,” she added.