Trump tariffs live updates: US to form global 'buyers club' for Trump critical minerals push
The Trump administration will meet with officials from over 50 nations on Wednesday to expand Project Vault, its $12 billion reserve for critical minerals, in a bid to end reliance on China. Vice President JD Vance and Secretary Marco Rubio will meet with representatives from Europe, Asia and Africa to expand this effort into a global "buyers club."
To further support President Trump's critical mineral goals, US senators will introduce legislation to reauthorize funding for the US Export-Import Bank for the next 10 years.
Meanwhile, Trump on Monday said the US and India had agreed to a trade and tariff deal after he spoke with Indian Prime Minister Narendra Modi.
Trump said the baseline US tariff rate on goods from India would drop to 18% from 25%. The US president also claimed that Modi had "agreed to stop buying Russian Oil," which would further lower the US's tariff rate on India. The White House confirmed that an additional 25% "secondary" tariff on India over its purchases of Russian oil would also be dropped.
"Our amazing relationship with India will be even stronger going forward," Trump wrote on Truth Social.
The apparent US deal with India comes as US trade partners are clinching long-negotiated deals in a rebuke to the Trump tariff regime. India and the EU announced a trade deal last week that the EU dubbed the "mother of all deals" after years of talks.
Trump has in recent weeks leveled new tariff threats at Canada and Mexico, part of a recent blitz aimed at allies that rivals his bluster from early in his second term.
Trump threatened to hit Canada's aircraft imports with a 50% tariff and said the US would also decertify all new jets from the likes of Bombardier (BDRBF), claiming Canada has used certification hurdles to effectively ban the sale of US Gulfstream jets. Meanwhile, Mexico is facing the potential of levies after Trump promised to impose new tariffs on countries providing oil to Cuba.
Trump's latest tariff salvo at a US ally came days after he threatened to impose 100% tariffs on Canada over that nation's trade deal with China. Canada has negotiated a deal to lower tariffs on Chinese electric vehicles, in return for lower import taxes on Canadian farm products.
The actions continue a string of renewed tariff-based threats from the president. Trump roiled markets earlier this year after he threatened tariffs on European nations that he said were getting in the way of his pursuit of the island. He later called them off.
