Minerals

Singapore pledges to keep supply chains resilient as US proposes critical minerals bloc to counter China

Most of the 50-odd nations gathered to discuss the issue have not yet offered opinions on the trading bloc nor committed to joining it

US President Donald Trump (centre) unveiling "Project Vault" at the White House in Washington, DC, on Monday (Feb 2).
The US$12 billion critical minerals stockpile is aimed at minimising reliance on Chinese rare earths.

US-led critical minerals initiatives undercut by Trump

His recent moves against Greenland and Venezuela undercut the trust needed among allies to make such global partnerships work

Both the US and EU have become tethered to abundant, cheap Chinese minerals, giving Beijing leverage over their supply chains.

EU to offer US critical minerals partnership to check China

The partnership aims to jointly find ways to source critical minerals without relying on the Asian nation

Under Trump, the US has taken the rare step of investing directly in domestic minerals companies to boost the production and processing of rare earths at home.

Trump launches US$12 billion minerals stockpile to counter China

The effort is akin to the nation’s existing emergency oil stockpile

US mining and processing companies have pushed for price floors and other government backstops to help them compete with China.

US moves away from critical mineral price floors: sources

Other countries, including Australia, have also considered price floors for critical minerals

Ending US reliance on the minerals has been a top priority for Washington since last year, when Beijing imposed export restrictions on so-called rare earths.

US asks allies to step up measures on Chinese minerals

America has been pressing some European Union member states to sign bilateral memorandums of understanding

China is the world’s dominant supplier of rare earths, helping Beijing last year counter punitive tariffs from the Trump administration by restricting their export.

US to host meeting on rare earths as China-Japan spat simmers

The discussions are expected to also include officials from Australia, South Korea, India, Mexico and the European Union

Vietnam has reserves of 3.5 million tonnes of rare earth minerals, ranking it sixth globally, according to the US Geological Survey’s March 2025 report.

Vietnam amends law to ban exports of raw rare earth minerals

Only companies with government approval will be permitted to exploit, process and use rare earths

Over the past year, the Trump administration has spent over US$1 billion to take stakes in critical minerals and mining companies.

US plans more stakes in minerals companies, Trump official says

Critical minerals such as gallium and cobalt are used in products ranging from iPhones to industrial magnets

The US and other countries have been unable to break China’s stranglehold over rare earths supplies.

US moves to deepen minerals supply chain in AI race with China

The Asian nation is home to more than 90% of global rare earths and permanent magnets refining capacity