United States Vice President JD Vance has proposed creating a new critical mineral trading bloc and coordinating pricing floors as Washington tries to loosen China’s control over rare earth mineral manufacturing.Vance said on Wednesday that the trade war over the past year exposed how dependent most countries are on the critical minerals that China has a stranglehold on.Recommended Stories list of 4 itemsend of list“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,” Vance said at a meeting of foreign ministers at the US State Department.“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.”China has maintained 70 percent of the world’s rare earth mining. Critical minerals are used in key products that consumers use daily, including smartphones and cars.“The United States is a distant second [in mining] at just 12 percent, leaving a significant gap to close. As a result, [US] President Trump spent much of 2025 meeting with leaders from Ukraine, Australia, Japan, and countries across Central and Southeast Asia to negotiate trade deals aimed at securing access to rare earths and critical minerals, effort …
