The US government, together with its allies, wants to create a trading bloc that will use tariffs to keep prices of rare earth metals high. Otherwise, Chinese mining companies risk knocking out potential competitors who want to start extracting the critical metals.
"What lies ahead of us is an opportunity for self-sufficiency that means we never have to rely on anyone but each other for the critical minerals needed to sustain our industries and growth," said US Vice President JD Vance at a meeting of foreign ministers.
The critical metals are necessary, among other things, for expanded electrification and defense technology.
