US announces proposed critical mineral trading bloc
AI Summary
In February 2026, US Vice President JD Vance proposed a critical mineral trading bloc to counter China's dominance in rare earth mining, which currently accounts for 70% of global production. The proposal aims to create a self-reliant zone among allies and partners, guaranteeing access to critical minerals needed for industries and growth. The US, holding only 12% of the world's rare earth mining, seeks to reduce dependence on China and secure access to these minerals, essential for products like smartphones and cars. Secretary of State Marco Rubio hosted a meeting with officials from various European, Asian, and African nations to discuss the initiative. The proposal follows increased global tensions and aims to address vulnerabilities exposed by recent trade dynamics.
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