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Trump Announces New Critical Minerals Reserve to Strengthen US Industry
(MENAFN) US President Donald Trump announced on Monday the creation of a strategic reserve for critical minerals, aiming to reduce American manufacturing’s reliance on foreign sources.
The $12 billion initiative will establish "the first ever stockpile of critical minerals" to safeguard domestic businesses and workers against supply disruptions, Trump said during the announcement at the White House.
"We don't want to go through what we went through a year ago, although it did work out," he added in the Oval Office, likely referencing China’s previously proposed export restrictions on critical minerals, which had rattled global markets before being suspended.
"Just as we have long had a strategic petroleum reserve and a stockpile of critical minerals for national defense, we're now creating this reserve for American industry so we don't have any problems," Trump continued.
Funding for the initiative will come from $10 billion provided through the Export-Import Bank, along with $2 billion in private-sector financing. The president noted that the loans used to establish the reserve are expected to generate profit through interest.
Although Trump did not explicitly mention China, Commerce Secretary Howard Lutnick highlighted Beijing as a driving factor behind the move. "Prior presidents took America for granted. They let our critical minerals only be controlled by China. They let our mining business go to hell by closing all the mines, closing our coal plants, while China opened them," Lutnick said. "We are taking back critical minerals. We are taking back mining."
The $12 billion initiative will establish "the first ever stockpile of critical minerals" to safeguard domestic businesses and workers against supply disruptions, Trump said during the announcement at the White House.
"We don't want to go through what we went through a year ago, although it did work out," he added in the Oval Office, likely referencing China’s previously proposed export restrictions on critical minerals, which had rattled global markets before being suspended.
"Just as we have long had a strategic petroleum reserve and a stockpile of critical minerals for national defense, we're now creating this reserve for American industry so we don't have any problems," Trump continued.
Funding for the initiative will come from $10 billion provided through the Export-Import Bank, along with $2 billion in private-sector financing. The president noted that the loans used to establish the reserve are expected to generate profit through interest.
Although Trump did not explicitly mention China, Commerce Secretary Howard Lutnick highlighted Beijing as a driving factor behind the move. "Prior presidents took America for granted. They let our critical minerals only be controlled by China. They let our mining business go to hell by closing all the mines, closing our coal plants, while China opened them," Lutnick said. "We are taking back critical minerals. We are taking back mining."
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