Washington, D.C.– Senate Majority Leader Chuck Schumer (D-NY) today spoke on the Senate floor on the bipartisan effort to ratify the tax treaty between the United States and Chile. Below are Senator Schumer’s remarks, which can also be viewed here:
Tomorrow, the Senate will vote to advance a crucial treaty impacting America’s clean energy and business relationships between Chile and the United States.
A lot is at stake in our treaty with Chile, including America’s global competitiveness and the future of our clean energy transition. This U.S.-Chile treaty is very similar to other treaties we have with more than 60 countries around the world, many of which support U.S. jobs and business growth. So I hope this treaty passes the Senate very quickly.
Chile is one corner of the so-called “Lithium Triangle,” home to the world’s largest lithium reserves and currently the second-largest lithium producer. Lithium is a key ingredient for so many important and emerging technologies – from iPhones, to EV batteries, to energy storage. Nations around the world, including the U.S., are racing to source these precious materials.
But right now, American companies are at a significant disadvantage: because the U.S. doesn’t have a tax treaty in place with Chile, they face double taxation and other barriers to investment and trade. Countries like China have an edge on us. It’s an unnecessary roadblock to a fruitful and economically prosperous partnership between Chile and the United States.
Ratifying the Chile Tax Treaty would quickly remedy this issue. This treaty has been in the works for over a decade, it now has strong bipartisan support, and now is the time to finally get it across the finish line.
I’m pleased that we are finally moving the treaty forward on the floor this week. And I thank my colleagues on both sides of the aisle, Senators Menendez and Risch, and many others for their work.