Trump Announces $12 Billion Strategic Mineral Reserve Initiative to Reduce U.S. Dependence on China
Donald Trump has initiated a $12 billion program to create a strategic mineral reserve aimed at protecting American manufacturers from supply shocks and reducing dependence on Chinese rare earth elements. Known as Project Vault, the initiative will combine $1.67 billion in private capital with a $10 billion loan from the Export-Import Bank.
It will enable auto manufacturers, technology firms, and other industrial players to procure and store essential minerals, such as gallium and cobalt, critical for various technologies. Over a dozen companies, including General Motors, Stellantis, Boeing, Corning, GE Vernova, and Google, have joined the initiative.
The Export-Import Bank's board is scheduled to vote on the loan approval, which would be the largest financing program in the bank's history. This project follows recent supply chain risks exacerbated by China's export controls on certain raw materials.
