The new stockpile plans are compared the the 50-year-old Strategic Petroleum Reserve, created in response to the 1973 Arab oil embargo.

Trump's move is aimed at cutting America's dependence on China for materials essential to electric vehicles, defense systems and advanced technology.

President Donald Trump plans to launch a $12 billion stockpile of rare earth minerals called Project Vault to curb U.S. dependence on China.

President Trump said the stockpile would 'ensure that American businesses and workers are never harmed by any shortage'.

Other countries are expected to join Project Vault, which US president said would ensure that US businesses are ‘never harmed by any shortage’

The stockpile is the latest move by the Trump administration to build a Western supply chain to counter China's dominance in critical minerals.

The new stockpile plans are compared the the 50-year-old Strategic Petroleum Reserve, created in response to the 1973 Arab oil embargo.

The aim of the group is to challenge China’s stronghold on the globe’s rare earth mining.

The U.S. is mobilizing allies into a preferential trade bloc for critical minerals as part of efforts to counter China's dominance in the market.