Overview
- At a Washington ministerial, Vice President JD Vance proposed a preferential zone, dubbed FORGE, that would establish reference prices and enforce minimums through adjustable tariffs to deter market flooding.
- Secretary of State Marco Rubio said 55 countries took part in the talks, with some already signing on to the nonbinding framework as details on membership, enforcement and timelines continue to be worked out.
- The push follows Monday’s launch of Project Vault, a U.S. strategic stockpile backed by a $10 billion Export-Import Bank loan and roughly $2 billion in private capital, the largest EXIM financing to date.
- U.S. officials signaled parallel efforts with partners, including an EU-U.S. memorandum of understanding expected within months, and discussions of joint projects, price-support tools and coordinated trade measures.
- Mineral producers’ shares fell after the announcement, and China’s embassy said it supports stable global supply chains, even as countries cited Beijing’s dominance in mining and processing as the core vulnerability.