Overview
- At a Washington summit with representatives from roughly 50–55 countries, the United States, the European Union and Japan announced a strategic partnership and pledged to sign a memorandum of understanding within 30 days.
- U.S. officials outlined a preferential trading framework with common external tariffs and possible reference or minimum prices to deter dumping and reduce reliance on Chinese processing.
- Project Vault, a roughly $12 billion strategic reserve plan, will stockpile rare earths and other critical minerals to protect key industries from supply shocks.
- Financing for Project Vault includes up to $10 billion in long-term lending from the U.S. Export-Import Bank alongside about $1.67 billion in private capital, with early participation from companies such as GM, Stellantis and Google.
- A new European Court of Auditors report warns the EU risks missing 2030 access goals for critical materials and highlights heavy dependence on Chinese supplies, underscoring the urgency of coordinated action.