Trump Unveils $12 Billion Mineral Reserve to Counter China

Bags of rare earth concentrates wait for transport at a mine in Mountain Pass, California. — Bags of rare earth concentrates wait for transport at a mine in Mountain Pass, California.
Photographer: Joe Buglewicz/Bloomberg

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By Skylar Woodhouse, Jennifer A Dlouhy, Joe Deaux, and Hadriana Lowenkron

February 2, 2026 at 9:45 PM UTC

President Donald Trump formally announced plans to launch a $12 billion critical minerals stockpile, in his latest effort to aid manufacturers while minimizing reliance on Chinese rare earths.

The so-called Project Vault is meant to “ensure that American businesses and workers are never harmed by any shortages,” Trump said Monday at the White House.