US SB429

Authorizes the President to negotiate and enter into covered free trade agreements focused exclusively on critical minerals and rare earth elements, with negotiating authority expiring July 1, 2035

Requires the U.S. Trade Representative to provide Congress a classified briefing within 120 days on the feasibility of pursuing such agreements, including analysis of bilateral, plurilateral, or multilateral approaches

Prohibits negotiations with nonmarket economy countries and requires enforceable provisions to prevent foreign entities of concern from benefiting from any agreement

Establishes negotiating objectives including strengthening supply chains, reducing trade barriers, promoting worker rights and environmental protections, encouraging ownership transparency, and supporting small businesses

Amends the Defense Production Act to allow businesses from covered free trade agreement partner countries to qualify as "domestic sources" for critical minerals activities, subject to strict conditions including no foreign entity of concern ownership or control of processing facilities or mines