India, Feb. 6 -- The Trump administration announced that it wants to create a critical minerals trading bloc with its allies and partners, using tariffs to maintain minimum prices and defend against China's stranglehold on the key elements needed for everything from fighter jets to smartphones.Vice President JD Vance said the US-China trade war over the past year exposed how dependent most countries are on the critical minerals that Beijing largely dominates, so collective action is needed now to give the West self-reliance.

"We want members to form a trading bloc among allies and partners, one that guarantees American access to American industrial might while also expanding production across the entire zone," Vance said at the opening o...