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. This stockpile could counter China's dominance in these metals, which are crucial for various industries. The White House confirmed “Project Vault” on Monday. It would be funded by a $10 billion loan from the US Export-Import Bank and $1.67 billion in private capital. The reserve aims to protect manufacturers from supply chain disruptions. China controls about 70% of the world’s rare earths mining and 90% of processing, giving it significant leverage in trade talks.