Trump administration to create a strategic reserve for rare earth elements
The Trump administration plans to deploy nearly $12 billion to create a strategic reserve of rare earth elements, a stockpile that could counter China's ability to use its dominance of these hard to process metals as leverage in trade talks. President Donald Trump on Monday announced the start of “Project Vault,” which would initially be funded by a $10 billion loan from the U.S. Export-Import Bank and nearly $1.67 billion in private capital. During trade talks last year spurred by Trump's tariffs, the Chinese government restricted the exporting of rare earths that are needed for jet engines, radar systems, electric vehicles, laptops and phones.
The Trump administration plans to deploy nearly $12 billion to create a strategic reserve of rare earth elements, a stockpile that could counter China's ability to use its dominance of these hard to process metals as leverage in trade talks. President Donald Trump on Monday announced the start of “Project Vault,” which would initially be funded by a $10 billion loan from the U.S. Export-Import Bank and nearly $1.67 billion in private capital. During trade talks last year spurred by Trump's tariffs, the Chinese government restricted the exporting of rare earths that are needed for jet engines, radar systems, electric vehicles, laptops and phones.