Trump unveils $12bn critical minerals reserve in apparent move to counter China’s dominance

The Guardian - World NewsCenter-LeftEN 2 min read 100% complete by AgenciesFebruary 3, 2026 at 03:20 AM

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The Trump administration announced "Project Vault," a nearly $12 billion critical mineral reserve, to counter China's dominance in rare earth element mining and processing. The initiative, funded by a $10 billion loan from the US Export-Import Bank and $1.67 billion in private capital, aims to protect American businesses from supply chain disruptions. The reserve is modeled after the Strategic Petroleum Reserve and seeks to prevent future trade leverage by China, who controls a majority of the global rare earth market. The US Secretary of State will host a ministerial meeting with representatives from several countries to discuss critical minerals and improve supply chain logistics. The government-backed loan funding the reserve would be for a period of 15 years.

Key Entities & Roles

Key Player Opposition Context

JD Vance 40% White House 40% Doug Burgum 40% Marco Rubio 40% US Export-Import Bank 50% Strategic Petroleum Reserve 60% United States ×270% China ×480% Donald Trump ×390%

Keywords

critical minerals 100% rare earths 90% supply chain 80% china dominance 80% strategic reserve 70% trade talks 60% us export-import bank 50% project vault 50% mineral reserve 40%