Elaine Dezenski, and Daniel Swift
The Trump administration has unveiled two new initiatives to break China’s grip on critical minerals. One has a high likelihood of success. The other needs a strong dose of enforcement to work.
At a ministerial meeting in Washington this month, the administration introduced the Forum on Resource Geostrategic Engagement (FORGE). The initiative seeks to establish price floors for critical minerals through coordinating tariffs with partner countries, preventing China from undercutting competitors through subsidies and dumping. Vice President JD Vance described it as a way to stabilize markets and blunt Beijing’s ability to weaponize price volatility.
A day earlier, the administration announced Project Vault, a public-private partnership that would secure advance purchase commitments from US manufactures for critical minerals at defined prices. The two initiatives reflect very different theories of change, but both initiatives start with a realistic diagnosis.
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