U.S. Vice President JD Vance on Wednesday (February 4) unveiled plans to marshal allies into a preferential trade bloc for critical minerals, proposing coordinated price floors as Washington escalates efforts to loosen China's grip on materials crucial to advanced manufacturing.

The United States will host more than 50 countries ‌on ​Wednesday for talks aimed at boosting their access to critical ‌minerals, in a bid to loosen China's grip over vital industrial inputs that has allowed it to control global supply chains.

U.S. Vice President JD Vance on Wednesday unveiled plans to marshal allies into a preferential trade bloc for critical minerals, proposing coordinated price floors as Washington escalates efforts to loosen China's grip on materials crucial to advanced manufacturing.

A $12 billion program, called "Project Vault," is expected to reduce dependence on China and protect U.S. industry from supply disruptions.

Howard Lutnick accuses China of dumping and weaponising supply chains as White House tries to rally allies to its cause.