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Majority Leader Schumer Floor Remarks On The Importance Of Ratification Of The U.S.-Chile Tax Treaty

Washington, D.C.  Senate Majority Leader Chuck Schumer (D-NY) today spoke on the Senate floor in advance of a bipartisan vote to ratify the tax convention with Chile. Senator Schumer met with the Foreign Minister of Chile, Alberto van Klaveren Stork, and the Chilean Ambassador to the United States, Juan Gabriel Valdés, in advance of the Senate vote.

Below are Senator Schumer’s remarks.

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This treaty is not getting much attention, but it’s one of the more important things we are doing in the Senate in the last month, in the last few months. Because it is very important for the United States leadership in the things we care about in terms of climate change, clean tech, EV batteries, that we have this treaty.

Today the Senate takes a big step towards strengthening US clean technology, US businesses, and U.S.-Chile relations by passing the Chile Tax Treaty.

This treaty is going to have lasting benefits for the US and Chile—it expands investments in one of the most mineral-rich regions in the world, critical for making EV batteries and other clean tech. It will ensure that Chinese competitors won’t continue to have the edge over US companies in the race for lithium and other minerals when it comes to Chile.

The Chilean people want to be close to the United States. I see some of our Chilean representatives in the Gallery. And this treaty makes us much closer because there’s no double taxation for American companies when they want to invest in Chile. And let’s not forget, that Chile has more lithium than any other country in the world and lithium is one of those key chemicals, key elements, that we need to make EV batteries and make solar panels, and so many other things.

So this Chile tax treaty is very good news news for American jobs, American clean energy transition, and we are strengthening our economic bonds with a crucial ally, a vital ally in South America.

I just had the opportunity to meet the representatives of the Chilean government, the foreign minister, the Ambassador.  I want to thank you for being on this wonderful occasion.

I want to thank my colleagues on both sides of the aisle for doing this, Chairman Menendez, Ranking member Risch. This is a very important treaty that will serve the United States, Chile, and the world economy very well in the years to come.