U.S. wants to create critical minerals trading bloc with its allies to counter China

To make the new trading group work, it will be important to have ways to keep countries from buying cheap Chinese materials on the side and to encourage companies from getting the critical minerals they need from China, said Ian Lange, an economics professor who focuses on rare earths at the Colorado School of Mines. The Export-Import Bank's board this week approved the largest loan in its history to help finance the setup of the U.S. Strategic Critical Minerals Reserve, which is tasked with ensuring access to critical minerals and related products for manufacturers. David Abraham, a rare earths expert who has followed the industry for decades and is author of “The Elements of Power,” said that while the Trump administration has focused on reinvigorating critical minerals production, it also is important to encourage development of manufacturing that will use those minerals.