Trump Administration Launches $12B Plan to Stockpile Rare Earths to Counter Chinese Dominance
The Trump administration has initiated a $12 billion plan to stockpile critical minerals, aiming to reduce U.S. dependence on Chinese rare earths. This initiative, known as 'Project Vault,' seeks to secure the supply chain for manufacturing and defense technologies. The U.S. Navy and other defense sectors heavily rely on these minerals, which are crucial for the production of advanced military equipment. The plan includes a $10 billion loan backing from the U.S. Export-Import Bank and $1.7 billion in private investment. Additionally, the U.S. government has acquired a 15% equity stake in MP Materials, a domestic rare earths producer, with a 10-year agreement for the Pentagon to purchase all of its magnet production. 
