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The U.S., Japan and the EU are set to announce plans in the coming weeks to lay the foundation for a trade agreement in critical minerals, according to people familiar with the preparations.

The rollback plans were reported earlier by the Financial Times. Aluminum and other metals fell following the report, while shares of U.S. steelmakers and aluminum producers sank.

President Donald Trump said he would ask Saudi Arabia and other OPEC nations to “bring down the cost of oil” and reiterated his threat to use tariffs to bring manufacturing back to the U.S. 

President Joe Biden called plans by OPEC+ to cut output targets by 2 million barrels a day “unnecessary,” and the White House said more releases from U.S. petroleum reserves are possible.

President Joe Biden said his administration has made strides toward relieving U.S. supply chain disruptions, as he met Nov. 29 with the leaders of major retailers including Walmart Inc. who assured him they have ample inventories for the holiday season.

The Biden administration is weighing a new investigation into Chinese subsidies and their damage to the U.S. economy as a way to pressure Beijing on trade, people familiar with the matter said.

President Joe Biden will ultimately decide whether foreign chip producers will receive some of the $52 billion in funding planned to help ease the shortage that has hammered manufacturing, Commerce Secretary Gina Raimondo said.

The Biden administration is laying the groundwork to spend roughly $52 billion on semiconductor research and manufacturing even as it’s awaiting congressional approval of the funding, Commerce Secretary Gina Raimondo said.

Biden administration officials say they’re starting to see signs of relief for the global semiconductor supply shortage, including commitments from manufacturers to make more automotive-grade chips for car companies that have had to idle production.

Commerce Secretary Gina Raimondo said the Biden administration is exploring how to help semiconductor producers and buyers share supply chain information to alleviate the global chip supply crisis, and urged Congress to swiftly pass legislation to fund domestic production.