Trump Administration Proposes $1 Billion for U.S. Critical Minerals

The Trump administration has unveiled a plan to inject nearly $1 billion into the rapid development of U.S. critical minerals and materials, which are vital for the production of electric vehicle batteries and semiconductors, as announced by the Energy Department.

This initiative aims to lessen U.S. dependence on foreign sources, predominantly China, which currently lead sectors such as mining and materials supply chains. Energy Secretary Chris Wright emphasized the importance of self-reliance for materials critical to modern life and national security. The proposal aligns with President Donald Trump's executive order focusing on maximizing energy development.

The Energy Department's Office of Manufacturing and Energy Supply Chains (MESC) will allocate $500 million to expand domestic processing and manufacture of critical minerals, while an additional $135 million will support the rare earth elements supply chain. The Office of Fossil Energy and Carbon Management plans to provide $250 million to facilities capable of extracting mineral byproducts. Furthermore, $50 million is earmarked to enhance processes in the rare earth magnet supply chain.

(With inputs from agencies.)