Mexico and the United States agreed to a 60-day action plan aimed at developing trade policies for critical minerals. The action plan compels Mexico and the United States to discuss a set of coordinated trade policies, including possible price floors for certain critical minerals.
Critical minerals are raw materials designated by governments as vital for their economy or national security. Several raw materials the United States deems critical are mined in Mexico, including silver and copper.
The document doesn’t mention China by name, but the United States has long looked for ways to circumvent that country’s lock on refining many critical minerals. U.S. Vice President JD Vance said ahead of a critical minerals event with delegations from dozens of countries that the United States hopes to form a “trading bloc” with allies.
The agreement with Mexico comes a few months before the United States, Mexico and Canada are set to review their trade treaty.
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The U.S. and Mexico will meet next week to begin talks on the USMCA, the trade agreement that governs much of the economic relationship between the two countries as well as Canada. The USMCA is one of the major reasons that trade with Mexico has remained relatively steady in spite of the broader uncertainty created by President Trump's ill fated tariff policy.
