South Korea is seeking closer cooperation with China on critical mineral supply chains, its trade ministry said on Thursday, as Seoul unveiled plans to secure stable supplies of rare earths needed for cutting-edge technologies…The announcement comes after South Korea this week joined a U.S.-led trade bloc for critical minerals with allies and partners that aims to guard against heavy reliance on China for materials strategically critical to advanced manufacturing…The trade ministry said it would establish a hotline and joint committee with Chinese authorities to help South Korean companies import Chinese minerals more quickly and reliably…Authorities will designate 17 critical minerals needed for national security and tighten monitoring and analysis on their supplies in order to prevent an unexpected shortage, it said…The government plans to allocate 250 billion won of ($172.35 million) of state funds to support local companies developing overseas mines…On Wednesday, South Korea was picked to chair a preferential trade bloc for critical minerals, dubbed the Forum on Resource Geostrategic Engagement, or FORGE, unveiled by Washington in an effort to safeguard supply chains from being used by any one country as a tool of geopolitical leverage.

Today the United States, together with our partners and allies, has set out to reshape the global market for critical minerals and rare earths. Secretary of State Marco Rubio, joined by Vice President JD Vance, Treasury Secretary Scott Bessent, Interior Secretary Doug Burgum, Energy Secretary Chris Wright, and U.S. Trade Representative Ambassador Jamieson Greer, hosted representatives of 54 countries and the European Commission, including 43 foreign and other ministers, at the 2026 Critical Minerals Ministerial…Critical minerals and rare earths are essential for our most advanced technologies and will only become more important as AI, robotics, batteries, and autonomous devices transform our economies. Today, this market is highly concentrated, leaving it a tool of political coercion and supply chain disruption, putting our core interests at risk. We will build new sources of supply, foster secure and reliable transport and logistics networks, and transform the global market into one that is secure, diversified, and resilient, end-to-end…Secretary Rubio announced the creation of FORGE as the successor to the Minerals Security Partnership (MSP). FORGE, which will be chaired by the Republic of Korea through June, will lead with bold and decisive action to address ongoing challenges in the global critical minerals marketplace…Recognizing that governments alone cannot solve this problem, we are committed to close partnership with the private sector, including through Pax Silica, which will lead through investments in mining, refining and processing, end use applications, and recycling and reprocessing…The U.S. Government is mobilizing unprecedented resources to secure critical mineral supply chains, supporting projects with more than $30 billion in letters of interest, investments, loans, and other support over the past six months in partnership with the private sector…Export-Import Bank of the United States (EXIM)…On February 2nd, President Trump announced Project Vault, a landmark initiative led by the Chairman of the Export-Import Bank of the United States (EXIM), which marks an unprecedented step in U.S. industrial policy by establishing a domestic strategic reserve for critical minerals. The EXIM Board of Directors approved a Direct Loan of up to $10 billion for Project Vault, more than double the largest financing in EXIM’s history, designed to shield domestic manufacturers from supply shocks, expand U.S. production and processing of critical raw materials, and fundamentally strengthen America’s critical minerals sector…Department of Energy (DOE)…Through the DOE Loan Programs Office, the Department has supported major private sector projects to strengthen U.S. critical mineral and battery supply chains…The Department of War…U.S. International Development Finance Corporation (DFC)…Office of the United States Trade Representative (USTR)…

The federal government is expected to announce its national automotive strategy on Thursday that includes scrapping Canada's electric vehicle mandate and replacing it with a new system of fuel efficiency standards and credits, CBC News has learned…Prime Minister Mark Carney has been under pressure from leaders in the auto sector, multiple provinces and the Conservatives to scrap the incremental sales targets requiring 60 per cent of all new cars to be electric by 2030 and 100 per cent by 2035…In September, Carney paused the 2026 targets and announced a 60-day review of the EV mandate, citing that the Canadian auto sector already had "enough on their plate" dealing with U.S. President Donald Trump's tariffs…The federal government is expected to unveil its national automotive strategy on Thursday. It will include scrapping Canada's electric vehicle mandate and replacing it with a new system of fuel efficiency standards and credits, CBC News has learned…The change would be similar to one made by the European Union last year, when it unveiled a proposal to scrap its sales targets in favour of fuel efficiency standards.