Other countries are expected to join Project Vault, which US president said would ensure that US businesses are ‘never harmed by any shortage’
Donald Trump has announced the creation of a critical mineral reserve worth nearly $12bn, a stockpile that could counter China’s ability to use its dominance of the hard-to-process metals as leverage in trade talks.
“Today we’re launching what will be known as Project Vault to ensure that American businesses and workers are never harmed by any shortage,” Trump said at the White House on Monday.
He compared it to the Strategic Petroleum Reserve (SPR), which was created in the 1970s when an Arab oil embargo led to a disruptive shortage of gas.
The US secretary of the interior, Doug Burgum, said 11 additional countries would be announced for the initiative later this week.
