The EV Fair Trade Act of 2024 requires electric vehicle companies to certify that they do not use child labor, forced labor, or slavery in manufacturing vehicles or sourcing materials like lithium, cobalt, and nickel. Starting two years after the law takes effect, EV companies must submit certifications to the Department of Labor's Bureau of International Labor Affairs to qualify for any federal financial assistance, including grants, contracts, and loans. The Department of Labor will maintain a public database listing which companies have valid certifications and will audit at least 10 percent of certifications annually, with authority to conduct additional audits based on credible reports of violations. Companies found to have submitted false certifications become ineligible for federal assistance for five years, and individuals who submit false allegations for competitive advantage can face fines up to $250,000. The legislation also denies tax credits or deductions for EV manufacturers that fail to comply with certification requirements, and the entire law expires after seven years.