China Says "All Countries Have a Responsibility to Play a Constructive Role"
The Donald Trump administration in the United States is pouring about 12 billion dollars into strategically stockpiling critical minerals. The goal is to reduce dependence on China for key minerals and to strengthen supply chain stability. The Chinese government indirectly called on the United States to act constructively in response to these moves.
On the 2nd (local time), President Trump announced the "Project Vault" plan for stockpiling critical minerals at the White House in Washington, D.C.
Until now, the Trump administration has diversified supply chains by strengthening cooperation with countries rich in critical minerals, such as Australia. This time, it has reinforced supply chain stability by formulating specific stockpiling plans for industrial minerals such as rare earth elements.
This is not unrelated to the fact that China has used export controls on rare earth elements as leverage in trade negotiations with the United States. Observers say the plan is intended to weaken China’s bargaining power while strengthening U.S. leadership over supply chains.
Going forward, the critical minerals stockpiled through Project Vault will be used to ensure that the automotive, electronics, and other related manufacturing industries are not affected when supply chain disruptions occur. This is why more than 10 companies, including General Motors (GM), Boeing, and Stellantis, are participating in the project.
The initial funding for Project Vault consists of a 10 billion dollar loan from the Export-Import Bank of the United States (EXIM) and about 2 billion dollars in private capital. President Trump explained that American taxpayers will be able to benefit from the interest on the loans used for Project Vault.
Project Vault will be a major agenda item at a ministerial meeting on critical minerals to be hosted on the 4th by U.S. Secretary of State Marco Rubio. Bilateral agreements to strengthen critical mineral supply chains may also be concluded. Foreign ministers from allied countries, including Minister of Foreign Affairs Cho Hyun, are reportedly attending the meeting.
China appears to be carefully managing its reaction to the U.S. announcement. At a regular press briefing on the 3rd, Foreign Ministry spokesperson Lin Jian said with regard to the issue, "China’s position on maintaining the stability and security of the global industrial chain for critical minerals remains unchanged," adding, "All countries have a responsibility to play a constructive role."
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