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U.S. support for critical minerals expands after China rare earth controls
The Wall Street Journal says U.S. non-equity investment in rare earth and magnet projects reached $7.6 billion in the 18 months through June, more than four times 2020 to 2024.
Washington is expanding support for critical minerals projects, a shift tied to China’s rare earth export controls introduced in April 2025, according to The Wall Street Journal, which described the strategy in a Tuesday roundup. The report said the U.S. is backing mines, processing plants, and magnet makers through a mix of equity stakes, loans, price guarantees, and offtake support. It also said more than 180 critical-minerals-related projects have been advanced by the Trump administration since the export controls went into effect.
The Journal’s coverage highlighted that the approach is moving beyond grants and permitting reform. It focuses on multiple constraints at once, including high construction costs, exposure to low prices, customer uncertainty, and a gap in processing and manufacturing capacity between mine output and finished products.
As an example of the model, the outlet pointed to the Pentagon’s purchase of $400 million of MP Materials. The coverage linked the procurement to the broader goal of strengthening domestic supply chains for critical minerals.