Trump administration is investing in US rare earths in a push to break China’s grip
The U.S. is ramping up efforts to boost production of crucial components used in electric vehicles, smartphones and fighter jets. The Trump administration is pouring money into the critical mineral industry to reduce reliance on China. It’s also launched a national security investigation into foreign-made mineral products. Industry insiders have long viewed critical minerals as a national vulnerability because they’re critical ingredients in many defense applications and an assortment of high-tech products. Recent export restrictions by Beijing highlighted the issue. President Donald Trump said this week that China “sort of took a monopoly of the world’s magnets” but he expressed confidence in securing supplies because the U.S. has “much bigger and better cards.”
