Vance, who bills himself as a champion of the American working class, said the effort would create \u201cgood-paying jobs, skilled jobs, for the American labour force\u201d.<\/p>\n
\u201cBut we seek to make sure our friends and our allies are part of this and that you all are covered as well,\u201d said Vance, a frequent critic of US involvement overseas.<\/p>\n
The nascent trading bloc, which aims to cover two-thirds of the global economy, would regulate minimum prices for critical minerals, fearing that China could suddenly rattle markets by ramping up exports.<\/p>\n
\u201cInvestment is nearly impossible, and it will stay that way, so long as prices are erratic and unpredictable,\u201d Vance said.<\/p>\n
US Vice-President JD Vance announced the Agreement on Trade in Critical Minerals with 55 countries. Photo \/ Oliver Contreras, AFP<\/p>\n
Parallel to the larger effort, the United States said it planned to close a deal with the European Union within 30 days on critical mineral supply chains and also announced a three-way partnership with the European Union and Japan.<\/p>\n
The three-way partnership will include co-ordination including price floors for critical minerals, the US Trade Representative\u2019s office said.<\/p>\n
The US also announced an agreement with Mexico and has already reached deals on critical minerals with Japan, Australia, Saudi Arabia, South Korea and Thailand.<\/p>\n
Interior Secretary Doug Burgum said another 11 countries would join and that another 20 are interested in participating.<\/p>\n
China mines about 60% of the world\u2019s rare earths and processes around 90%. In October, it offered the US a one-year reprieve on export curbs of the minerals in a deal with Trump.<\/p>\n
The initiative aims to create jobs and ensure stable prices, involving deals with the EU, Japan, and others. Photo \/ Oliver Contreras, AFP<\/p>\n
Critical minerals comprise dozens of materials such as cobalt, nickel, manganese, graphite and lithium \u2013 as well as \u201crare earths,\u201d a set of 17 metallic elements essential to many high-tech devices.<\/p>\n
Japan, with its high-tech economy and turbulent history with China, is especially concerned. This week Japan said it found potential in the first deep-sea search for rare earths.<\/p>\n
\u201cAs any supply chain disruption would bring a significant impact on the global economy, we should work together to address this challenge,\u201d senior Japanese official Iwao Horii told the meeting.<\/p>\n
Horii said Japan was boosting its own efforts at home and that \u201cthe key is to diversify supply sources\u201d.<\/p>\n
Trump has vowed to use US might to secure wealth only for itself, even flirting with invading Greenland, an autonomous territory of Nato ally Denmark, which did not attend the meeting.<\/p>\n