On Wednesday, the United States launched FORGE (Forum on Resource Geostrategic Engagement), a coalition aimed at diversifying the supply chain for critical minerals essential to advanced and defense industries. The U.S. has invited countries, including South Korea, to participate in this initiative.
This move is designed to reduce dependence on China-centric critical mineral supply chains. The U.S. announced plans to establish a new alliance-focused forum and to implement market-stabilization measures, including price floors.
At a press conference following a ministerial meeting on critical minerals held at the State Department in Washington, D.C., Secretary of State Marco Rubio emphasized that the U.S. is collaborating with 55 partners (54 countries plus the European Union). He stressed that securing critical minerals and their processed products is vital to all aspects of our operations.
Rubio pointed out that the current critical mineral supply is overly concentrated in one country, which not only risks being exploited as a geopolitical lever but also makes it vulnerable to disruptions such as pandemics or political instability. He noted a growing global recognition of the need for a reliable and diverse critical mineral supply chain.
Secretary Rubio expressed concern that foreign competitors are using state subsidies and unfair practices to undercut prices, hindering private sector investment and gaining market dominance. He warned that once they control and monopolize the industry, they can set prices at will or use it as a weapon against us. He further stated that this structure is unsustainable.
He announced that the U.S. is pursuing domestic permitting reforms and strategic stockpiling, and is launching a platform with allies to create a reliable global supply chain.
Rubio introduced FORGE, officially launched today, as a new initiative for global cooperation. He noted that several countries have already signed on and encouraged more to join. South Korea’s Foreign Minister Jo Hyun attended the meeting, and Rubio acknowledged South Korea’s leadership in the previous coalition (MSP).
Rubio emphasized that this meeting marks a historic milestone in facilitating private investment, building on billions of dollars already invested by the U.S. government, while simultaneously enhancing technological innovation, economic growth, and national security.
He outlined the afternoon session, noting that Jamison Greer from the U.S. Trade Representative’s office would explain the price floor mechanism, followed by introductions to investment tools from the Department of Energy, the Development Finance Corporation, and the Export-Import Bank. Treasury Secretary Scott Bessent would conclude the ministerial meeting.
In his opening remarks, Rubio stressed that economic security is national security, highlighting critical minerals as the foundation for everything from daily devices to industrial infrastructure and national defense.
He described the ministerial meeting as an international starting point for rebuilding a multilateral supply chain that encompasses all stages, from extraction to refining, processing, and manufacturing.
At Rubio’s request, Vice President J.D. Vance delivered a keynote speech, articulating the Trump administration’s strong commitment to building a critical minerals supply chain.
Vance criticized the international critical minerals market as distorted, punishing strategic investment, diversification, and long-term planning. He noted that price collapses have led to the failure of mining and refining projects worldwide.
He announced plans to create a critical minerals preferential trade zone with allies and partners, establishing benchmark prices at every production stage to maintain price floors. Vance stated that he would block the dumping of imports through tariff adjustments and create a stable price environment to enable long-term investment.
Vance highlighted U.S. efforts to rebuild the supply chain through public financing and direct investment, including the recent launch of Project Vault to establish the first-ever strategic stockpile of critical minerals for private industry. He emphasized that these measures aim not only at U.S. re-industrialization but also at building a new global supply chain with allies.
Vance said the goal was to integrate trade policy, development finance, and diplomacy into a single strategy to diversify the global supply of critical minerals and added that this structure would enhance growth and security for all participating countries.