In a direct challenge to Beijing’s decades-long grip on the hi-tech economy, the United States on Wednesday sought to rally more than 50 countries and the European Union in Washington around a landmark framework to loosen China’s control over the global critical minerals trade.
“This morning, the Trump administration is proposing a concrete mechanism to return the global critical minerals market to a healthier, more competitive state,” US Vice-President J.D. Vance said in his opening remarks at the inaugural Critical Minerals Ministerial.
“[The US is creating] a preferential trade zone for critical minerals protected from external disruptions through enforceable price floors.”
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Describing the plan as the “Forum on Resource Geostrategic Engagement”, or FORGE, Vance said the initiative would set “reference prices” for critical minerals at each stage of production and ensure “pricing that reflects real-world fair market value”.
Vance suggested that China has, for years, dumped low-cost materials to weaken potential competitors, noting that prices would act as a floor and that adjustable tariffs would prevent companies from flooding markets with cheap minerals.
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What are rare earths, and why is China’s dominance facing global pushback
What are rare earths, and why is China’s dominance facing global pushback
He implored the participants to join in the effort. “To those of you still on the fence, I say … let’s move together,” Vance said.
