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US Plans Critical Minerals Trade Zone to Limit Subsidized Imports
(MENAFN) The Trump administration is working to establish a critical minerals “preferential trade zone” with allied nations aimed at preventing domestic markets from being flooded with heavily subsidized products, Vice President JD Vance announced Wednesday.
Although not mentioned explicitly, China, the world’s top producer of critical minerals, was a clear focus during the meeting. Addressing representatives from more than 50 countries, Vance said the initiative seeks to build consensus for a group that “eliminate[s] that problem of people flooding into our markets with cheap critical minerals to undercut our domestic manufacturers,” likely alluding to Chinese trade practices long criticized by the US and its partners.
“The Trump administration is proposing a concrete mechanism to return the global critical minerals market to a healthier, more competitive state, a preferential trade zone for critical minerals protected from external disruptions through enforceable price floors,” Vance said during the ministerial meeting in Washington.
He added that the plan includes “establish[ing] reference prices for critical minerals at each stage of production, pricing that reflects real-world fair market value, and for members of the preferential zone, these reference prices will operate as a floor maintained through adjustable tariffs to uphold pricing integrity.”
US Secretary of State Marco Rubio emphasized that countries lacking sufficient critical mineral resources could still participate in other stages of production, noting that “everyone here has a role to play.” He said, “Our goal is to have a global market that's secure, a global supply that's enduring and is available to everyone, every nation, at an affordable price.”
Rubio further elaborated, “We stand ready and intend to work with each country here today to find a specialized role that you can play. If you don't have minerals, you can help refine them.
And the countries gathered here include the largest consumers of critical mineral products, who together have the buying power to build a more resilient and diverse global market.”
Although not mentioned explicitly, China, the world’s top producer of critical minerals, was a clear focus during the meeting. Addressing representatives from more than 50 countries, Vance said the initiative seeks to build consensus for a group that “eliminate[s] that problem of people flooding into our markets with cheap critical minerals to undercut our domestic manufacturers,” likely alluding to Chinese trade practices long criticized by the US and its partners.
“The Trump administration is proposing a concrete mechanism to return the global critical minerals market to a healthier, more competitive state, a preferential trade zone for critical minerals protected from external disruptions through enforceable price floors,” Vance said during the ministerial meeting in Washington.
He added that the plan includes “establish[ing] reference prices for critical minerals at each stage of production, pricing that reflects real-world fair market value, and for members of the preferential zone, these reference prices will operate as a floor maintained through adjustable tariffs to uphold pricing integrity.”
US Secretary of State Marco Rubio emphasized that countries lacking sufficient critical mineral resources could still participate in other stages of production, noting that “everyone here has a role to play.” He said, “Our goal is to have a global market that's secure, a global supply that's enduring and is available to everyone, every nation, at an affordable price.”
Rubio further elaborated, “We stand ready and intend to work with each country here today to find a specialized role that you can play. If you don't have minerals, you can help refine them.
And the countries gathered here include the largest consumers of critical mineral products, who together have the buying power to build a more resilient and diverse global market.”
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