Trump launches $12B Project Vault critical minerals stockpile to counter China

President Trump announced Project Vault on February 2, 2026, a $12 billion strategic reserve of critical minerals and rare earth elements funded by a $10 billion Export-Import Bank loan and $1.67 billion in private capital. Trump announced the program in the Oval Office alongside General Motors CEO Mary Barra and mining billionaire Robert Friedland. The reserve was designed to insulate US manufacturers — including GE Vernova, Western Digital, and Boeing — from Chinese supply disruptions by stockpiling materials essential to electric vehicles, semiconductors, and defense systems.