Anand visits Washington as U.S. pushes critical minerals trade zone

Foreign Affairs Minister Anita Anand met U.S. officials in Washington as the administration promoted a preferential trade zone for critical minerals and announced related agreements and a strategic reserve for rare earths.

Foreign Affairs Minister Anita Anand visited Washington for meetings where U.S. officials urged international partners to join a preferential trade zone for critical minerals. U.S. leaders framed the effort as a way to diversify global supply and to strengthen partner countries' roles in supply chains. The administration announced agreements with several partners and unveiled "Project Vault," a strategic reserve for rare earth elements. Canada has been working on critical minerals at the G7 level and bilaterally, though specific Canadian commitments were not detailed. Key details: - Vice-President J.D. Vance said the U.S. aims to diversify global supply and set reference prices for critical materials, with those prices acting as a floor supported by adjustable tariffs for zone members. - U.S. Secretary of State Marco Rubio told assembled officials that an international effort would be essential for success. - The U.S. has signed critical minerals agreements with countries including Australia and Japan, and announced additional deals with the European Union and Mexico. - The administration launched "Project Vault," a strategic rare-earth reserve initially funded by a $10 billion loan from the U.S. Export-Import Bank and about $1.67 billion in private capital. - The report notes China remains the dominant producer and refiner of rare earths, and that Canada currently does not process rare earths but holds substantial known reserves. Summary: The announcements underline a U.S. push to secure critical-mineral supply chains through partnerships, reference pricing and a strategic reserve, while Canada continues parallel work at the G7 and in bilateral channels. Undetermined at this time.