The U.S. launches $12B rare earth reserve to cut China dependence, backed by loans and private funds.

The Trump administration intends to launch "Project Vault," a $12 billion strategic reserve of rare earth elements, to reduce the United States' reliance on China, which dominates global mining and processing. The reserve, funded by a $10 billion loan from the US Export-Import Bank and $1.67 billion in private investment, aims to secure supply chains in the electronics, defense, clean energy, and automotive industries. The initiative, announced at a State Department ministerial meeting, will include potential bilateral agreements and is part of a larger effort to boost domestic production and supply chain resilience.