Moolenaar: Trump’s Critical Mineral Stockpile Is a Victory for Affordability, Jobs, and Economic Security

The Trump Administration has announced plans for Project Vault, a critical minerals stockpile that will be created with the support of private industry. Project Vault will focus on a consistent supply of critical minerals that U.S. manufacturers need to produce automobiles, semiconductors, electronics, and other industrial products.

“President Trump and his administration are leading on critical minerals and building a stockpile that will counter China and secure the future of American manufacturing. China’s attempt to cut off our supplies of critical minerals was a declaration of economic war against the United States and a threat to supply chains around the world. Project Vault will protect our economy from China’s mineral manipulation, create jobs, and send a signal to American miners and our allies that there is a demand for their product,” said John Moolenaar, Chairman of the Select Committee on China.

Last fall, the committee released a bipartisan investigation into China’s manipulation of the critical minerals market.

The investigation revealed several key findings, including:

• The People's Republic of China (PRC) government subsidizes its state mining companies with tens of billions of dollars including zero-interest-rate loans to support its global acquisition of mining assets.
• The PRC has established a legal framework governing mineral price reporting, giving Beijing the ability to raise and lower prices to favor its national security interests.
• The PRC pushed down the price of critical minerals, including lithium—an important element used in everyday items.
• When the prices were low, the PRC subsidized its firms to aggressively acquire mining assets and cement its control over the global supply chain.

"From cell phones to fighter jets, every American is dependent on minerals that China manipulates for its own selfish interests. As we saw last month with its rule on rare earths, China has a loaded gun that is pointed at our economy, and we must act quickly. China’s predatory practices have caused American job losses, driven American miners out of business, and jeopardized national security. This new investigation reveals China’s playbook and makes crucial recommendations for how we can secure our future for generations to come," said Moolenaar when the report was released.