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News Topical, Digital Desk : At a meeting of foreign ministers in Washington, Vice President JD Vance presented a key strategy to challenge China's monopoly. The Trump administration is now preparing to form a "Critical Minerals Trading Bloc" with its allies.
The main purpose of this bloc is to set a "price floor" for mineral prices using tariffs. According to Vance, China often floods the market with a large supply of minerals, driving down prices so that competing companies cannot survive.
This bloc would protect member countries from such strategies. " We want member allies to create a trading bloc that ensures access to American industrial power and expands production throughout the region," Vance said.
Will dependence on China reduce ?
Self-reliance and 'Project Vault' Critical minerals are essential for everything from smartphones to jet engines. Currently, China controls 70 percent of the world's mining and 90 percent of its processing. The Trump administration has taken several steps to reduce this dependence .
President Trump recently announced a plan called "Project Vault" to store rare earth elements. It will be funded by a $10 billion loan from the US Export-Import Bank and $1.67 billion in private capital.
Read More: Will Pakistan play a match with India or not? PAK PM Shahbaz Sharif issued a statement 10 days ago.
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