U.S. President Donald Trump’s administration is planning an executive order to allow the stockpiling of critical metals from the Pacific seabed, according to the Financial Times.
Trump has already invoked emergency powers to boost the ability of the U.S. to produce critical minerals as part of a broad effort to ramp up the development of domestic natural resources and make the country less reliant on foreign imports, especially from China.
There is a broader push to fast-track deep-sea mining applications under U.S. law and the stockpile of the metals, including traces of rare earth minerals, is being considered as part that effort, the FT reported, citing people familiar with the plans. It would give U.S. access to an inventory of critical minerals in its own territory in case of a conflict with China, the newspaper reported, citing another person familiar with the matter.
China is by far the world’s biggest supplier of rare earth minerals, which comprise 17 elements in the periodic table. It accounts for almost 70% of the world’s production of rare earths, according to the U.S. Geological Survey.
Amid growing geopolitical trade tensions, Beijing has said that it will tighten controls on exports of seven types of rare earths.
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