US, UK, EU, Australia and more to meet to discuss critical minerals alliance
4 days ago
- #critical-minerals
- #trade-alliances
- #supply-chain
- Ministers from the US, EU, UK, Japan, Australia, and New Zealand will meet in Washington to discuss a strategic alliance on critical minerals.
- The summit aims to repair transatlantic ties strained by conflicts with Donald Trump and reduce reliance on China for critical minerals.
- Australia announced a A$1.2bn strategic reserve for minerals vulnerable to supply disruptions from China.
- The US is considering guaranteeing a minimum price for critical minerals, a move that could impact global markets.
- Japan has been building mineral reserves to counter China's supply disruptions for years.
- The EU hopes the summit will lead to a joint statement marking a shift in relations with allies to de-risk from China.
- The UK emphasizes the importance of a diversified critical minerals supply chain for economic and national security.
- The EU plans to push the US to drop new global steel derivative tariffs, which could affect various industries.
- The Trump administration's tariff threats and trade disputes with China have heightened concerns over rare earth supplies.
- Europe relies heavily on China for rare earths, essential for manufacturing products like smartphones and wind turbines.