The US unveiled plans to form a trading bloc alongside key allies for critical minerals, proposing coordinated price floors as Washington moves to secure its place in a supply chain long dominated by Beijing.
The plan announced Wednesday proposed using tariffs to stabilize mineral prices to prevent “foreign supply” from flooding global markets. Washington also clinched bilateral deals with 11 nations, as US Secretary of State Marco Rubio warned against allowing “one country” to dominate metals vital to defense and AI development, an implicit reference to Beijing.
The announcement adds to a broader push by the Trump administration to secure US supplies of critical minerals after China weaponized its rare earths dominance last year during a trade war between the superpowers. This week, the US outlined a $12 billion critical mineral reserve, while Swiss commodities giant Glencore said it would sell 40% of its copper and cobalt mines in the Democratic Republic of Congo to a US government-backed firm.
