Trump announced Project Vault on Fox News from the Oval Office, a $12B initiative to stockpile critical minerals and reduce dependence on Chinese supply chains
Donald Trump issued the update which was aired on Fox News (Image: Getty)
Fox News paused its regular programming as Donald Trump unveiled a major $12 billion initiative aimed at stockpiling critical minerals to counter Chinese market control.
The initiative, dubbed Project Vault, was announced by the US President during a live Fox News broadcast from the White House’s Oval Office today. Speaking from behind his desk and referring to prepared remarks, he stated: “For years, American businesses have risked running out of critical minerals during market disruptions.
“Today, we will be launching what will be known as Project Vault to ensure that American businesses and workers are never harmed by any shortage. We don’t want to have to go through what we went through a year ago – although it did work out.”
Fox News was halted for the major US announcement (Image: FOX NEWS)
He added: “Just as we have had a long strategic patrol and reserve and a stockpile of critical minerals, we are now creating this reserve for American industry so we don’t have any problems.”
The declaration arrives as Trump intensifies his push to bring manufacturing back to America by redirecting supply chains away from Beijing.
The initiative will merge a $10 billion loan from the US Export-Import Bank with $1.67 billion in private funding to purchase and stockpile minerals for industrial manufacturers, technology firms and automobile producers, reports the Express.
FOX News panelists question Trump over Greenland
Harvey Kaye, chairman of US Critical Materials, commented to mining.com: “Project Vault is a clear signal that US criticalmineral policy has moved to deployment.
“It says unequivocally that secure supplies of rare earths and heavy minerals like gallium are now treated as strategic infrastructure for our economy and defence industrial base, to establish US sovereignty.” Fox News audiences have been responding to the announcement on social media, with one viewer posting on X: “This initiative is crucial for economic security.”
Another questioned: “So how does this help my business? Or is this another thing that only helps billionaires?” A third commenter remarked: “Another idea that will sooner or later be added to the list of Trump failures!”
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