Trump Launches $12 Billion U.S. Rare‑Earths Stockpile to Curb China Reliance

The White House has confirmed that President Trump is launching 'Project Vault,' a $12 billion federal–private effort to build a strategic stockpile of critical and rare earth minerals so U.S. industry is less dependent on Chinese supply. Funded primarily by a $10 billion loan from the U.S. Export-Import Bank plus over $1 billion in private capital, the program will buy and store minerals such as cobalt, graphite, lithium, nickel, titanium and copper for use by automakers, defense contractors, tech firms and other manufacturers. Administration data cited in the article show that in 2024 the U.S. was completely reliant on imports for 12 critical minerals and imported at least half its supply of 29 more, vulnerabilities the president has already used as leverage in talks with Ukraine, Australia and in his push to control Greenland’s resources. By standing up a government-backed stockpile, the plan marks one of the largest direct U.S. interventions yet in critical-mineral markets and will intensify an ongoing decoupling from China in EV, semiconductor and weapons supply chains. Analysts and trading partners are likely to scrutinize whether Project Vault stabilizes U.S. manufacturing or distorts markets and invites retaliation in an already fraught trade relationship with Beijing.