In recent decades, oil has served as the global power indicator, but the focus is now shifting to critical minerals such as lithium, cobalt, nickel, and rare earth elements, which are essential for manufacturing smartphones, electric vehicle batteries, solar panels, semiconductors, and defense systems. This shift reflects a new global competition for resources and economic supremacy in the 21st century, with the United States taking proactive steps to secure supply chains away from Asia, particularly through 'friendshoring' partnerships in Latin America. The urgency of this strategy has been heightened by concerns over reliance on China, prompting countries to collaborate on securing these vital resources.

The emphasis on critical minerals has gained traction during the presidency of Donald Trump, where it evolved into a pivotal aspect of U.S. foreign policy. The goal has been to diminish America's reliance on potentially adversarial suppliers, especially those in China. This approach aligns with the broader strategy of fostering economic resilience and establishing stable supply chains that can withstand geopolitical tensions. The advocacy for friendshoring illustrates how international relationships are being recalibrated in light of current global challenges and the quest for technological leadership.

As the EU navigates these complex dynamics, the implications for trade, international alliances, and economic security are profound. Engaging with Latin American countries to bolster critical mineral supplies not only addresses immediate sourcing concerns but also has the potential to strengthen diplomatic ties and economic partnerships. This movement could reshape the landscape of global resource distribution and alter the balance of power in the tech and energy sectors, as countries strive to enhance their sovereignty and strategic positioning in response to Chinese dominance.