Trump to begin stockpiling critical minerals with $12 billion in seed money [FOX Business Network]
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Source: FOX Business Network
President Donald Trump 's administration announced plans to begin stockpiling critical minerals on Monday, starting off the program with $12 billion in seed money, Fox News has learned. The new program, first reported by Bloomberg, seeks to insulate U.S. manufacturers from supply shortages as America seeks to lessen its reliance on Chinese materials. A White House official confirmed to Fox News that the program has been dubbed "Project Vault," and will kick off with funding of $1.67 billion in private cash as well as a $10 billion loan from the U.S. Export-Import Bank. Trump is scheduled to meet on Monday with General Motors CEO Mary Barra and mining billionaire Robert Friedland at the White House. China currently controls between 60-70% of rare earth mining. Rare earths are the foundation materials for much of modern technology and defense systems. Without these elements, production of EVs, iPhones, F-35 fighter jets, and even MRI machines would stall. The Trump administra
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News
- GM CEO Mary Barra makes appearance in Oval Office with Trump [Yahoo! Finance]Yahoo! Finance
- General Motors (NYSE:GM) (TSE:GMM.U) had its price target raised by analysts at Jefferies Financial Group Inc. from $85.00 to $97.00. They now have a "hold" rating on the stock.MarketBeat
- Trump Unveils $12 Billion Critical-Minerals Stockpile Plan [Yahoo! Finance]Yahoo! Finance
- General Motors' Global Chief Media Officer, Shenan Reed, Joins IAB Tech Lab Board of Directors [Yahoo! Finance]Yahoo! Finance
- Market Chatter: General Motors, Other Firms Join US Effort to Stockpile Strategic Critical Minerals [Yahoo! Finance]Yahoo! Finance
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