Overview
- At a State Department ministerial with about 55 countries and the EU, the U.S. launched the FORGE forum and said 11 new bilateral agreements were signed, with negotiations completed with 17 more nations.
- Vice President J.D. Vance proposed reference prices at each stage of production that would operate as price floors for participants, enforced through adjustable tariffs.
- The push builds on Project Vault, a strategic reserve backed by a $10 billion Export-Import Bank loan and roughly $2 billion in private capital to bolster supply security and stabilize markets.
- Mineral producers’ shares fell on the news as analysts warned that price supports could lift near-term costs even as they aim to catalyze investment outside China.
- Officials outlined parallel cooperation, including a trilateral plan with the EU and Japan and a bilateral plan with Mexico, while Beijing defended its role in supply chains and criticized exclusive blocs.