Trump to Establish $12 Billion Critical Mineral Stockpile to Reduce Reliance on Chinese Rare Earths

President Donald Trump will launch a strategic critical minerals stockpile with $12 billion in funding as part of an effort to protect American manufacturers from supply shocks as the Trump administration seeks to cut reliance on Chinese rare earths.

Formally known as Project Vault, the project would take $1.67 billion in private capital and $10 billion as part of a loan from the Export-Import Bank to obtain and store minerals for automakers, tech firms, and other companies that need access to rare earths.

Reports have compared the idea to the country’s emergency oil stockpile. Project Vault would obtain rare earth elements such as gallium and cobalt, which is used in iPhones, batteries, and jet engines.

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