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1h ago

U.S. Pushes New Critical Minerals Pacts as EU Readies Partnership Offer

Washington seeks to secure allied supply routes using pricing tools alongside a new strategic stockpile.

This 2024 photo provided by MP Materials shows an aerial view of the company’s mine in Mountain Pass, Calif.
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Secretary of State Marco Rubio, right, shakes hands with India's External Affairs Minister Subrahmanyam Jaishankar at the State Department in Washington, Tuesday, Feb. 3, 2026. (AP Photo/Nathan Howard)
Secretary of State Marco Rubio, right, meets with South Korea's Foreign Minister Cho Hyun at the State Department in Washington, Tuesday, Feb. 3, 2026. (AP Photo/Nathan Howard)

Overview

  • The State Department is hosting a first Critical Minerals Ministerial with delegates from more than 50 countries to develop supply chains that can compete with China.
  • Interior Secretary Doug Burgum said about 30 countries want into a tariff‑free “critical minerals club,” with as many as 11 new agreements expected this week and roughly 20 more expressing strong interest, including potential price floors.
  • President Trump launched Project Vault, a $12 billion strategic minerals reserve backed by a $10 billion Export‑Import Bank loan and about $2 billion in private capital, with traders Hartree Partners, Mercuria and Traxys tapped to source materials.
  • Commerce Secretary Howard Lutnick said the U.S. will deploy pricing policy, tariffs and broader industrial policy to move mining, processing and refining into the hands of America and its allies.
  • EU officials are preparing to propose a memorandum of understanding to craft a U.S.–EU Strategic Partnership Roadmap within three months, including joint projects, price supports, stockpiling options and market‑manipulation safeguards, even as some diplomats voice caution about U.S. reliability.