The United States government recently hosted a critical minerals summit aimed at reducing China’s predominant role in the global production of smartphones, weapons systems, lithium-ion batteries and electric vehicles (EVs).
The meeting, which included representatives from Argentina, Australia, Bolivia, Canada, Chile, the Democratic Republic of Congo, India, the European Union, Japan, South Korea and the United Kingdom, is part of a larger structural trend that Canadian Prime Minister Mark Carney recently called a “rupture” to the rules-based international order.
At first glance, the U.S. government’s weaponization of tariffs and trade indicate changing dynamics in global trade and the development of critical minerals, advanced manufacturing and emerging technologies. On closer inspection, American efforts to weaken China’s dominance over the critical minerals industry face a more complicated reality and an intricate web of public- and private-sector investment agreements tied to Chinese firms.
