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Maria Bartiromo interviews Barbara Humpton, CEO of Rare Earth USA, about the Trump administration’s $1.6 billion investment in domestic supplies of rare earths.
president donald trumpThe administration announced plans to begin stockpiling critical minerals on Monday, kicking off the program with $12 billion in seed money, Fox News has learned.
The new program, first reported by Bloomberg, aims to insulate American manufacturers from supply shortages as the United States tries to reduce its reliance on Chinese materials.
A White House official confirmed to Fox News that the program has been dubbed “Project Vault” and will begin with $1.67 billion in private cash funding, as well as a $10 billion loan from the US Export-Import Bank.
Trump is scheduled to meet with General Motors CEO Mary Barra and billionaire miner Robert Friedland at the White House on Monday.
President Donald Trump is trying to break the United States’ dependence on Chinese rare earth materials. (Associated Press)
China currently controls 60-70% of rare earth mining. Rare earths are the base materials for much of modern technology and defense systems. Without these elements, production of electric vehicles, iPhones, F-35 fighter jets and even MRI machines would grind to a halt.
The Trump administration has already tried to diversify by making rare earth deals with Australia, Japan and Southeast Asian countries. He has also urged European allies to do the same.
Trump and Australian Prime Minister Anthony Albanese signed an $8.5 billion settlement on the issue in October.
FROM MOJAVE TO BEIJING: HOW AMERICA CONCEIVED THE RARE EARTH RACE
China controls up to 70% of the world’s rare earth mining. (Bloomberg via Getty Images/Getty Images)
The Chinese government restricted exports of its rare earth materials last year during trade disputes with the Trump administration.
Secretary of Finance Scott Bessant also announced a new rare earth mineral processing center in South Carolina late last year. Similar projects are underway in Texas and elsewhere in the US
“This is the first US-made magnet in 25 years — we’re ending China’s stranglehold on our supply chain,” Bessent said at the time.
US Treasury Secretary Scott Bessent says the US is working to become independent of rare earth supplies. (Alex Wong/Getty Images/Getty Images)
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“They started it 18 months ago. The state of South Carolina — Governor McMaster was great,” Bessent said. “They said it took them eight weeks to get the permits. They couldn’t believe how fast it was. And this is President Trump’s hand for this national security emergency.”
Elizabeth MacDonald of FOX Business contributed to this report.
