"We want members to form a trading bloc among allies and partners, one that guarantees American access to American industrial might while also expanding production across the entire zone,"
"What is before all of us is an opportunity at self-reliance that we never have to rely on anybody else except for each other, for the critical minerals necessary to sustain our industries and to sustain growth."
"I think a lot of us have learned the hard way in some ways over the last year, how much our economies depend on these critical minerals,"
The administration plans a critical-minerals trading bloc among allies and partners to guarantee American access to industrial inputs and expand production across the zone. The bloc would use tariffs to maintain price floors and defend against China flooding markets to undermine competitors. The past year’s trade war exposed widespread dependence on critical minerals crucial to high-tech industries. Project Vault will create a strategic stockpile of rare elements funded by a $10 billion U.S. Export-Import Bank loan plus about $1.67 billion in private capital. China controls roughly 70% of rare earth mining and 90% of processing.
Read at Fortune
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