On Friday, U.S. Trade Representative Jamison Greer announced a collaboration with the European Union aimed at enhancing trade policies for more robust security in critical mineral supplies.
Greer noted that “The United States and the European Union are both dedicated to tackling non-market policies and practices that have disrupted supply chains for critical minerals.”
“We will investigate trade measures, like border-adjusted price floors, to bolster the crucial mineral industries and related sectors, which are vital for our industrial competitiveness. I want to express my gratitude to EU Trade Commissioner Maroš Šefčović for his contributions in fostering transatlantic trade in essential minerals.”
EU Trade Commissioner Maroš Šefčović tweeted: “Critical minerals are essential for every industry that will shape our future. Our action plan with the U.S. Trade Representative lays the groundwork for broader trade initiatives alongside like-minded partners by employing tools such as border-adjusted price floors, standards-based markets, price differential subsidies, and off-take agreements.”
The U.S.-European Union Action Plan on Critical Minerals Supply Chains outlines several initiatives:
- Evaluate and develop aligned trade policies and mechanisms, such as border-adjusted price floors and standards-based markets.
- Implement trade measures to support stable and resilient markets for critical minerals.
- Establish standards for mining, processing, recycling, and trading critical minerals.
- Promote investment and collaboration screening for important minerals.
- Assist in stockpiling critical minerals.
In February, President Donald Trump initiated a $12 billion stockpile plan for critical minerals. This was part of a strategy to shield U.S. manufacturers from supply disruptions as efforts to decrease reliance on Chinese rare earth minerals were ramped up.
The initiative, called Project Vault, is set to utilize $1.67 billion in private investment and $10 billion from the Export-Import Bank to aid automakers, tech industries, and other sectors in securing and storing essential minerals.
In February, White House Press Secretary Taylor Rogers remarked: “President Trump remains focused on prioritizing American manufacturers and consumers. Project Vault will guarantee that critical minerals are accessible to maintain low prices and uninterrupted supply chains, even during uncertain times.”
