The project, “Project Vault,” aims to reduce China’s ability to leverage its dominance in the area during trade negotiations and to protect American manufacturers of cars, electronics and other goods from potential supply chain disruptions.
The project is initially financed by $10 billion in government loans and $1.67 billion in private capital.
During last year's trade conflict after President Trump's tariffs, the Chinese government restricted exports of rare earth metals needed for jet engines, radar systems, electric vehicles, laptops, and phones.
