Senate Overwhelmingly Approves U.S.-Chile Tax Treaty After 11-Year Delay

The treaty was approved by a vote of 95-2, with only Senators Hawley and Paul voting against it.
The treaty will increase investment between the U.S. and Chile and lower withholding tax rates on interest and royalty payments from Chile.
Chile has the world's largest lithium reserves, a key component for battery manufacturing that is essential for the transition to clean energy.
Business groups have been pushing for the tax agreement for years to ensure U.S. companies can access Chile's lithium and other natural resources.
Failure to approve the treaty could have increased taxes on U.S. companies operating in Chile to over 44%.