The Trump Administration is trying to boost U.S. supply chains for critical minerals, materials that make up everything from your cell phone to fighter jets.A meeting with high level officials including Vice President JD Vance a nd Secretary of State Marco Rubio went on at the State Department Wednesday, where more than 50 nations are considering a new trade pact that seeks to combat Chinese influence on rare earths and critical minerals.The deal would cover more than a dozen critical materials, naturally occurring elements and minerals that are used in everything from jet engines to cell phone batteries and AI chips.China has dominated this market, accounting for about 70% of mineral drilling markets and 90% of refinery markets. It has also frequently dumped cheap product on the global marketplace as a means of trying to push back against any competition.The new U.S. effort seeks a trade agreement to try to enable countries to purchase minerals among themselves, setting some floor level prices and ensuring that countries participating in the deal will only purchase those minerals from other participants.RELATED STORY | Trump holds wide-ranging call with Xi, touching on Iran, Taiwan and trade"This morning, the Trump administration is proposing a concrete mechanism to return the global critical minerals market to a healthier, more competitive state," said Vice President JD Vance. "A preferential trade zone for critical minerals, protected from external disruptions through enforceable price floors. We will establish reference prices for critical minerals each stage of production, pricing that reflects real world fair market value. And from members of the preferential zone, these reference prices will operate as a floor, maintained through adjustable tariffs, to uphold pricing integrity."It remains to be seen how successful a deal would be, or what penalties or enforcement mechanisms would ensure compliance.RELATED NEWS | Trump to lower tariffs on imports from India after deal to halt Russian oil ...read more read less