The U.S. on Wednesday unveiled new initiatives to mobilize allies into a preferential trade bloc for critical minerals, including coordinated price floors as Washington works to counter China’s dominance in the market vital for technology and defense.
The plans were discussed at a “Critical Minerals Ministerial” in Washington this week that included representatives from 54 countries, the European Union and senior Trump administration officials.
Following the event, Washington announced that it had signed bilateral critical minerals agreements with 11 countries, building on 10 similar pacts inked over the past five months. Negotiations were also completed with an additional 17 nations.
The goals of the agreements are to address pricing challenges, spur development, create fairer markets, and expand access to financing in the critical minerals sector.
Secretary of State Marco Rubio, who hosted the Ministerial, also announced the formation of the “Forum on Resource Geostrategic Engagement (FORGE),” on Wednesday, a partnership to coordinate critical mineral policy and projects.
