The United States’ announcement of impending trade negotiations on critical minerals has prompted an urgent review by the government and industry.
The Ministry of Trade, Industry, and Energy disclosed on Thursday that it convened an emergency meeting to evaluate the industry impact and strategize responses following the White House’s proclamation on critical minerals, issued on Wednesday.
Previously, the U.S. government, acting on an executive order from last April under Section 232 of the Trade Expansion Act, had the Secretary of Commerce conduct a six-month investigation into the “vulnerabilities in the U.S. supply chain for critical minerals and derivatives,” which was then reported to President Donald Trump.
This latest proclamation, drawing from the Commerce Department’s findings, directs the Secretary of Commerce and the U.S. Trade Representative (USTR) to initiate negotiations with other nations within 180 days. It also suggests considering price floors and trade restrictions for critical minerals during these talks.
Emergency meeting attendees stressed the need for more detailed information as they conducted an initial assessment of the industry impact. They agreed on close collaboration between the government and industry for future responses.
Yoon Chang Hyun, director of resource industry policy, said the government will handle follow-up actions related to the proclamation in close consultation with the industry while maintaining ongoing discussions with the United States.