According to foreign media reports, the US Congress has passed a proposal that may eliminate a tax credit bill supporting domestic critical mineral production. This bill, known as the "Big and Beautiful Act," was introduced earlier this year and passed by the House of Representatives in May. The bill proposes a gradual phase-out of the advanced product manufacturing tax credit policy outlined in Section 45X of the 2022 Inflation Reduction Act (IRA). This tax incentive provides a 10% tax credit for the mining, processing, and recycling of domestic critical battery metals and industrial minerals, including lithium, nickel, cobalt, and rare earths. The current bill stipulates that this policy will be gradually phased out starting in 2031 and completely eliminated by 2034.