U.S.–China Economic and Security Policy

Fox reports that President Donald Trump has rolled out a $12 billion 'Project Vault' plan to build a federally backed stockpile of rare earth elements and other critical minerals, aiming to insulate U.S. manufacturers and the defense sector from Chinese supply disruptions. The initiative combines $1.67 billion in private seed capital with a $10 billion Export–Import Bank loan and is being likened by industry executives to a Strategic Petroleum Reserve for key metals that power fighter jets, missiles, semiconductors and electric vehicles. Graphite One CEO Anthony Huston and adviser Dan McGroarty warn the U.S. is 'one crisis away' from China cutting off rare earths and graphite, noting the U.S. is at least 93% import‑dependent for those materials and that Beijing has already used export controls on gallium and other inputs as geopolitical leverage. They argue Project Vault could accelerate domestic projects like the Graphite Creek deposit in Alaska and reduce reliance on African deposits in unstable regions of Mozambique, where ISIS‑linked militants have operated. The plan underscores a wider Trump‑era shift to treat critical‑minerals sourcing as a core national‑security vulnerability, though details on procurement rules, governance of the stockpile, and safeguards against industry capture remain sparse.