US to form trade zone for critical minerals with allies’ backing to counter China’s dominance – why it matters

US President Donald Trump’s administration on Wednesday (local time) hosted a Critical Minerals Ministerial event to counter China’s dominance in the industry. Officials from the Trump administration aim to establish a trade zone for critical minerals, which are crucial for producing almost everything, including smartphones, defence equipment, magnets in wind turbines, and electric vehicle (EV) motors. Who attended the meeting? The event was attended by 54 countries, including the UK, the European Union, Japan, India, Australia, South Korea, and the Democratic Republic of Congo. The delegates opined on the availability of and access to minerals critical to the manufacturing of…