US gathers 50+ nations including Thailand for critical minerals plan to reduce China reliance

The United States hosted an international meeting in Washington, DC on February 4 to discuss expanding access to critical minerals and reducing China’s influence over global supply chains, according to media reports. Representatives from more than 50 countries attended, including South Korea, India, Thailand, Japan, Germany, Australia and the Democratic Republic of Congo.

US Vice President JD Vance proposed creating a new critical minerals trading bloc among allies and partners, alongside coordinated minimum price floors, as Washington steps up efforts to loosen China’s grip on rare earths and other materials used in products such as smartphones, electric vehicles, semiconductors and defence systems.

The move comes as officials in Washington argue that the past year’s trade disputes have exposed how dependent many countries remain on minerals where China dominates supply and processing. China accounts for around 70% of global rare-earth mining, while the US is a distant second at about 12%, according to the report.

The meeting also followed the White House’s announcement of a new critical minerals stockpile plan, branded “Project Vault”, intended to bolster supply security and support investment in mining and processing projects that struggle to compete with cheaper Chinese supply. Vance said the US would set out a minimum price system aimed at unlocking private-sector investment, even if it raises costs for manufacturers in the short term and intensifies trade tensions with Beijing.

China’s embassy in Washington said Beijing has played a “constructive” role in maintaining stable global industrial and supply chains for critical minerals and is willing to continue those efforts.