Trump invokes wartime powers to boost critical mineral production

Donald Trump signed an executive order on Thursday that uses the Defense Production Act to support investments in the country’s critical minerals and rare earth elements.

In order to boost the development of critical minerals and rare earth elements in the U.S., the President of the United States, Donald Trump, signed an executive order on Thursday, March 20, invoking the Defense Production Act.

With this emergency power invoked to increase the capacity for domestic critical mineral production, the aim is to provide financing, loans, and various forms of investment to support development and reduce reliance on foreign imports.

Support for U.S. domestic mining production 

According to an official White House statement, within the next 30 days, the President of the Export-Import Bank will publish a recommended programmatic guide for the use of financing tools for minerals and mineral production. 

This is being carried out under the Supply Chain Resilience Initiative to secure U.S. consumption of global raw mineral resources. Similarly, the Make More in America Initiative is aimed at supporting domestic mineral production.

In the same time frame, the Under Secretary of Defense for Industrial Base Policy will convene mineral buyers and work to present a solicitation for bids to supply the minerals.

Additionally, the Small Business Administration will prepare and present legislative recommendations to strengthen public-private capital activities to support the financing of domestic small businesses engaged in mining production.