Trump unveils US$12 billion push to curb Chinas grip on critical minerals
Seeking to blunt China’s dominance over critical minerals that underpin hi-tech manufacturing, the administration of US President Donald Trump is rolling out a slate of measures this week aimed at reducing US reliance on Beijing. A White House official confirmed to the South China Morning Post that Trump has launched a US$12 billion public-private initiative…
Seeking to blunt China’s dominance over critical minerals that underpin hi-tech manufacturing, the administration of US President Donald Trump is rolling out a slate of measures this week aimed at reducing US reliance on Beijing.
A White House official confirmed to the South China Morning Post that Trump has launched a US$12 billion public-private initiative to build a large commercial stockpile of critical minerals titled “Project Vault”.
The project is being billed as a strategic reserve designed to shield US manufacturers from supply disruptions and price volatility in materials essential for electric vehicles, semiconductors, jet engines and consumer electronics.
The initiative is anchored by a US$10 billion, 15-year loan from the US Export-Import Bank, the largest in the agency’s history, alongside US$1.67 billion in private capital from participating companies, the official confirmed.
Trump on Monday met with EXIM Bank chairman John Jovanovic in the Oval Office to announce the initiative. General Motors CEO Mary Barra, US Secretary of Commerce Howard Lutnick and US Energy Secretary Doug Burgum were also present.
Earlier in the day, EXIM bank’s board of directors approved the loan.
“Thanks to President Trump’s leadership, the US Strategic Critical Minerals Reserve will help manufacturers in the United States compete, grow and lead globally while creating jobs domestically, strengthening our economy and advancing the national interest,” Jovanovic said in a statement.
