U.S., Mexico to develop co-ordinated trade policies on critical minerals
BNN Bloomberg
The United States and Mexico on Wednesday unveiled a 60-day plan to develop coordinated trade policies aimed at mitigating vulnerabilities in critical mineral supply chains, including possible price floors for certain mineral imports.
The plan, which includes no specific mention of China and its chokehold on processing of many such minerals, calls for the two nations to consult on including price floors in a binding plurilateral agreement on trade in critical minerals.
Separately, Vice President JD Vance on Wednesday unveiled plans to marshal allies into a preferential trade bloc for critical minerals as Washington escalates efforts to shore up supply chains essential to advanced manufacturing.
U.S. Trade Representative Jamieson Greer said the U.S.-Mexico plan underscored the countries’ shared commitment to address global market distortions that have left North American supply chains vulnerable to disruptions.
“Correcting these vulnerabilities is imperative, as critical minerals are strategic assets integral to modern and innovative industrial economies, and diverse, resilient, and market-based supply chains are essential for our economic and national security,” the plan said.
It comes months before a mandatory review of the U.S.-Mexico-Canada trade agreement, or USCMA. There was no mention of Canada in the USTR news release or the joint action plan.
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