Ministers from the US, EU, UK, Japan, Australia and New Zealand will meet in Washington this week. They will discuss a strategic alliance on critical minerals. This is seen as a move to repair ties after tensions during Trump's presidency. The group aims to help countries reduce risk from China. One idea on the table is a US guarantee for minimum prices on critical minerals and rare earths. However, a recent report says Washington is against the idea. This caused shares in Australia to fall. Australia plans a A$1.2 billion (£610m) reserve of minerals that are vulnerable to Chinese supply cuts. China restricted rare earth exports last April after Trump's tariffs. About 20 countries will join the talks. These include the G7 members, India, South Korea, Mexico, Australia, New Zealand and possibly Argentina. The US State Department said, "Strengthening critical mineral supply chains with international partners is vital for the US economy, national security, technological leadership, and a resilient energy future." The UK will attend as well. The Foreign Office said, "UK economic security goes hand in hand with national security. That’s why we are working to ensure a diversified critical minerals supply chain – a vital step to securing economic growth in the UK." The EU hopes for a joint statement after successful talks. They also want the US to remove new steel derivative tariffs. These tariffs affect products like aluminum doors, bicycles, and wind turbines. The EU sources say these tariffs breach a 2023 trade deal made at Trump's Scottish golf course. One EU insider said, "We hope they will take this into account as they are a breach of the deal in August." The US has run multilateral talks since October after agreeing to a 12-month trade truce with China. Critical minerals are essential for manufacturing smartphones, fighter jets, wind turbines, and more. Europe uses about 20,000 tonnes of permanent magnets yearly, and 85%-90% of these come from China. The meeting in Washington aims to boost supply chain security and reduce reliance on China’s rare earths and minerals.