Overview
- Vice President JD Vance proposed a preferential trade zone that would set reference prices at each production stage and use adjustable tariffs to enforce minimums to deter market dumping.
- Secretary of State Marco Rubio said about 55 countries attended, including South Korea, India, Japan, Germany, Australia and the Democratic Republic of Congo, as the U.S. seeks to expand non‑Chinese mining and processing.
- The effort builds on Project Vault, a strategic reserve funded by a $10 billion U.S. Export‑Import Bank loan and roughly $2 billion in private capital to secure supplies for manufacturers such as Boeing, GE Vernova and Western Digital.
- Participants weighed a policy toolkit still in development, including coordinated incentives, strategic stockpiles, export restrictions and Section 232‑based price floors to support allied producers.
- The European Union signaled plans for a memorandum of understanding within months, and U.S. trade officials outlined talks with Mexico plus a potential trilateral framework with the EU and Japan to set the stage for broader cooperation.