Washington — President Trump is launching a $12 billion stockpile of critical and rare earth minerals, a White House official confirmed, in an effort to slash reliance on Chinese rare earths and curb Beijing’s leverage in trade talks. 

The endeavor, coined “Project Vault,” would be funded by a $10 billion loan from the U.S. Export-Import Bank, along with over a billion dollars in private capital. The minerals would be procured and stored for automakers, the defense industry, tech firms and other types of manufacturers. Bloomberg first reported the administration’s plans. 

Mr. Trump has shown intense interest in critical and rare earth minerals, trying to boost the United States’ acquisition of them and make the U.S. less reliant on other countries. According to the White House, in 2024 the U.S. was entirely reliant on imports for 12 critical minerals, and imported 50% or more of 29 others.

The president has made critical minerals a negotiation point with countries including Ukraine and Australia, and has expressed a desire to secure Greenland’s critical minerals. The U.S. is continuing to navigate trade waters with China. 

Critical minerals include cobalt, graphite, silicon, copper, nickel, titanium and lithium, and are critical to supply chains for many modern products like electric vehicle batteries, semiconductors and smartphones.