00:00A diplomatic show of solidarity in Washington, as more than 50 countries join talks on critical
00:08minerals, an effort led by the U.S. to reduce reliance on China.
00:12The goal here is very simple. We all understand that having a reliable global supply chain
00:18and critical minerals and processed and finished materials are critical to everything we do.
00:23Today, it's heavily concentrated in the hands of one country.
00:25Beijing controls 70 percent of the world's rare-earth mining and 90 percent of its processing.
00:32Market dominance China has been able to use as geopolitical leverage.
00:37Last October, U.S. President Donald Trump agreed to lower tariffs on Chinese goods
00:41in return for Beijing holding off on tightening rare-earth export controls.
00:47On Monday, the White House unveiled Project Vault, a 12 billion U.S. dollar plan to stockpile critical
00:53minerals, which are needed for key products, including smartphones, cars, and even weapons.
00:59And now Washington says it hopes to create a critical mineral trading block with coordinated price floors.
01:05We will establish reference prices for critical minerals at each stage of production,
01:11pricing that reflects real-world, fair market value.
01:15The U.S. vice president also said the price floor would protect producers from being undercut by cheaper imports.
01:21Meanwhile, U.S. Trade Representative Jameson Greer announced a plan for more cooperation
01:27between the U.S., the EU, and Japan.
01:30That would also include working together on mining, refining, and processing.
01:35China's reaction to the alliance has been restrained.
01:38It all comes as Trump had a phone call with Chinese President Xi Jinping, with the U.S. president saying
02:01they talked about trade and security issues, without mentioning critical minerals.
02:08Details of the U.S.-led initiative are still being worked out.
02:11But with broad support from Wednesday's meeting,
02:13it's clear more countries are looking to loosen China's grip on the rare-earth supply.
02:18Hang Xu and Lily Lamatina for Taiwan Plus.
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