US Convenes Over 50 Countries for Key Minerals Summit

US Vice President Vance announced a plan on Wednesday, February 4, at the key minerals ministerial summit in Washington: the US will join allies to form a preferential trade group for critical minerals. US Secretary of State Rubio stated that 55 countries attended the Washington minerals summit. During the meeting, the US has reached a bilateral plan with Mexico and a trilateral agreement with the EU and Japan to strengthen the critical minerals supply chain.

55 Countries Attend, India and Japan Included

Trump officially launched the "Project Vault" (Vault Project) for the US critical mineral strategic reserve on Monday, February 2. The project is funded by the US Export-Import Bank with $1 billion in initial capital and supported by $200 million in private capital.

US Secretary of State Rubio stated that 55 countries attended the talks in Washington, including South Korea, India, Thailand, Japan, Germany, Australia, and the Democratic Republic of the Congo, each of which has capabilities in mining or smelting. Interior Secretary Berger (Doug Burgum) said on Tuesday that 11 more countries will be added this week to the critical minerals trade club, expanding its members beyond the US, Australia, Japan, South Korea, Saudi Arabia, and Thailand; an additional 20 countries have shown "strong interest" in joining the mineral alliance.

During the meeting, US Trade Representative Gril announced that the US has reached a bilateral plan with Mexico and a trilateral agreement with the EU and Japan to strengthen the critical minerals supply chain and lay the groundwork for future broader agreements with more allies.

The relevant plans clearly intend to use various policy measures, including price support, market standards, subsidies, and government guaranteed procurement, to promote the development of critical mineral capacity. The US, EU, and Japan simultaneously stated that they will advance subsequent coordination within multilateral frameworks such as the G7 and the "Mineral Security Partnership."

Many countries have joined forces to set minimum prices for critical minerals, seen as the latest move by the Trump administration to exert greater direct influence on private enterprises. Analysts believe that this approach could reshape the global supply chain for materials needed for electric vehicles, semiconductors, and defense systems, but it may increase manufacturing costs in the short term.

Source: rfi

Original: toutiao.com/article/1856254969746432/

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