The United States, the European Union and Japan, in a joint statement issued during the meeting of foreign ministers in Washington, agreed to conclude an agreement (memorandum of understanding) within 30 days on increasing the security of the supply chain of critical minerals. Creation of a trade bloc with allies and he proposed the introduction of minimum prices on Wednesday during the summit in Washington US Vice President JD Vance.
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US Secretary of State Marco Rubio argued on Wednesday during the summit that “many countries” are interested in signing the agreement. The meeting was attended by foreign ministers of several dozen countries, including Poland. However, the meeting did not result in the signing of the document by the summit participants.
The USA, the EU and Japan announced that they would sign the agreement within 30 days. “Building on existing international cooperation and initiatives, the European Union, the United States and Japan intend to develop action plans and consider a multilateral trade initiative with like-minded partners on trade in critical minerals,” it said.
As added, as part of the agreement, the parties will consider introducing minimum prices for such raw materials and subsidies to equalize the prices of minerals with those exported by China.
See also: Minerals like oil. The United States launches “Project Treasury”
Donald Trump convinced the EU? There will be an agreement on minimum prices
The introduction of minimum prices for rare earth metals is intended to be a response to China's dominance. The United States argues that this could ensure profitability of investments in the extraction and processing of such raw materials. Currently, these projects are blocked by the inflow of cheap raw materials from China, which results in the lack of profitability of investments by companies from other countries.
These raw materials are crucial not only for the electronics and everyday products sector, but also for the arms industry. Beijing has already announced that it may introduce export restrictions on these materials in 2025.
See also: Who is JD Vance? Ten facts about Donald Trump's closest associate
The concept of minimum prices has been in discussions for a long time, but it is controversial due to the potential costs and possible impact on the final prices of products. Despite this, Jamieson Greer, the US Trade Representative, announced on Wednesday that the United States, Japan and the European Union will strive to reach a binding agreement on this matter.
