The Export-Import Bank is committing $10 billion to Project Vault, a U.S. initiative to stockpile critical minerals and reduce reliance on China. This loan, the bank's largest in its 92-year history, follows President Trump's reversal on the institution he once derided as 'featherbedding' corporate welfare. The project aims to establish a public-private reserve for 60 essential raw materials, involving companies like General Motors, Boeing and Google.

Project Vault represents a significant shift in U.S. industrial policy, extending Trump's tariffs and government interventions into the critical minerals sector. Experts praise the concept as a novel approach to securing supply chains dominated by China, which controls 70% of rare-earth mining and 90% of processing. However, sourcing details remain scarce, and analysts question whether stockpiling alone will solve dependency issues.

Economic security experts warn that without processing capacity outside China, the U.S. may still face vulnerabilities. The administration's broader strategy includes a $277 million direct funding boost for USA Rare Earth and a $400 million Defense Department stake in MP Materials. This push reflects growing bipartisan concern over China's export restrictions, which triggered last year's supply chain panic in sectors from automotive to electronics.