NEWS
NEWS

Trump administration looks to rebuild critical mineral supply chain

Updated

President Donald Trump's administration is expected to unveil its grandest plan yet to rebuild supply chains of critical minerals needed for everything from jet engines to smartphones, likely through purchase agreements with partners on top of creating a $12 billion U.S. strategic reserve to help counter China's dominance.

U.S. President Donald Trump.
U.S. President Donald Trump.AP

Vice President JD Vance is delivering a keynote address Wednesday at a meeting Secretary of State Marco Rubio is hosting with officials from several dozen European, Asian and African nations. The U.S. is expected to sign deals on supply chain logistics, though details haven't been revealed. Rubio met Tuesday with foreign ministers from South Korea and India to discuss critical minerals mining and processing.

The meeting and expected agreements will come just two days after Trump announced Project Vault, or a stockpile of critical minerals to be funded with a $10 billion loan from the U.S. Export-Import Bank and nearly $1.67 billion in private capital.