Trump creating a strategic reserve for rare earth elements
AP News • • business
Key Points:
- The Trump administration announced "Project Vault," a nearly $12 billion initiative to create a strategic reserve of rare earth elements aimed at reducing U.S. dependence on China for these critical minerals.
- Funding for the reserve includes a $10 billion loan from the U.S. Export-Import Bank and about $1.67 billion in private capital, intended to protect manufacturers from supply chain disruptions.
- China currently controls approximately 70% of global rare earth mining and 90% of processing, giving it significant leverage in trade negotiations, which the U.S. aims to counter with this stockpile.
- The strategic reserve will be a key topic at an upcoming ministerial meeting on critical minerals hosted by Secretary of State Marco Rubio, with participation
