Washington : His Excellency Donald Trump, the President of the United States, announced that the US will establish a $12 billion strategic reserve for rare earth elements.
According to the Associated Press (AP), Trump said that the reserve aims to prevent supply shortages for American companies.
President Trump announced the start of “Project Vault,” which would initially be funded by $10 billion from the US Export-Import Bank and nearly $1.67 billion in private capital.
The minerals kept in the reserve would help to shield the manufacturers of autos, electronics and other goods from any supply chain disruptions.
Rare earth elements are used in a wide range of advanced technological products, including jet engines, radar systems, electric vehicles, laptops and phones.
