U.S. Vice President JD Vance has advocated for a trade system that includes a price floor for critical minerals.

"This morning, the Trump administration proposed concrete steps to return the global critical minerals market to a healthier and more competitive state. This is to establish a critical minerals preferential trade zone protected from external disruptions, and to set an enforceable minimum price," Vance said at a meeting of critical minerals ministers held at the State Department on the 4th (local time).

Vance added, "For member countries within the preferential benefit zone, this benchmark price will serve as a minimum price maintained through adjustable tariffs to ensure price transparency."

"For those who join, we will provide an essential foundation for private financing and stable access to critical mineral supplies needed by countries in times of emergency," he said.

The Vice President said several countries have joined, but did not specify which ones.

The meeting, attended by more than 50 countries, aimed to weaken China's dominance over crucial industrial inputs that have allowed it to control global supply chains by increasing access to critical minerals.

This gathering followed President Donald Trump's announcement on Monday of a strategic stockpile plan for critical minerals called 'Project Vault'.

The plan received an initial funding of $10 billion from the U.S. Export-Import Bank and an additional $2 billion in private funding.

China has used its dominance over the processing of various minerals as geopolitical and economic leverage, sometimes restricting exports and suppressing prices, thereby hindering other countries' ability to diversify their sources of materials used in semiconductors, electric vehicles, and advanced weapons manufacturing.

Representatives from South Korea, India, Thailand, Japan, Germany, Australia, and the Democratic Republic of Congo attended the meeting.

Interior Secretary Doug Burgum stated on Tuesday that 11 countries would be added to the critical minerals trade club this week, following the U.S., Australia, Japan, South Korea, Saudi Arabia, and Thailand.

He said that more than 20 countries have shown "strong interest" in joining the coalition.

The Trump administration entered into a price floor agreement last year with rare earth producer MP Materials, but Reuters reported that the administration might prefer a broader international approach rather than contracts with specific companies.

The Group of Seven (G7) partner countries and the European Union (EU) in Washington have been considering introducing a price floor system to promote rare earth production and imposing taxes on some Chinese exports to encourage investment.

Australia, which has solidified its position as a critical mineral supplier alternative to China, announced that it would secure strategic mineral stockpiles by the second half of 2026.

By NNP Chief Reporter Sung Ku Hong / Special Correspondent NNP info@newsandpost.com