Trump moving to curb US reliance on Chinese minerals

February 3, 2026

TL;DR

US President Donald Trump plans to build a strategic stockpile of critical minerals.
The initiative, "Project Vault," aims to reduce reliance on China, which dominates over 90% of global rare-earth refining.
The project will combine private funding with a $10 billion loan from the US Export-Import Bank.
The stockpile is intended to shield manufacturers from price volatility and supply disruptions.
Major companies like General Motors, Boeing, and Alphabet's Google have reportedly joined the effort.
China's export controls on rare-earth elements have heightened concerns.
Washington is accelerating efforts to diversify supply chains by signing deals with countries like Australia, Japan, and Ukraine.
Demand for minerals like lithium and cobalt is forecast to surge due to electric vehicle growth.
Russia is also developing a strategy to strengthen its rare-earth mining and production capabilities.

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