Trump Administration Pushes Aggressive Price Support Plan to Revive U.S. Rare Earths Industry

In a bid to break China’s dominance over the global rare earths market, the Trump administration is preparing to expand federal price supports for U.S.-based rare earths projects, mirroring its fast-track pandemic-era strategies. According to five sources familiar with the matter, top White House officials told industry leaders at a closed-door meeting on July 24 that the administration would offer guaranteed minimum prices for rare earths, signaling a broader commitment to reshaping critical mineral supply chains. The meeting, led by President Trump’s trade advisor Peter Navarro and National Security Council official David Copley, brought together executives from ten rare earths firms and representatives from major tech companies, including Apple, Microsoft, and Corning. These companies depend heavily on rare earths to manufacture electronics, defense components, and clean energy technologies. Navarro and Copley emphasized that a recent Pentagon-backed price floor deal with MP Materials, the largest U.S. rare earths producer, was not an isolated case. Instead, similar support mechanisms are in development to stabilize market conditions and attract investment in domestic mining, processing, recycling, and magnet manufacturing. “We’re moving in ‘Trump Time’—as fast as possible with efficiency,” Navarro told Reuters, confirming the meeting. He said the goal is to rebuild U.S. supply chains from mine to finished product and likened the urgency of the effort to Operation Warp Speed, which accelerated COVID-19 vaccine development. China has maintained rare earth market dominance for over 30 years and temporarily halted exports in March amid rising trade tensions with Washington. That move, combined with growing demand for critical minerals, has heightened U.S. concern about supply chain vulnerabilities. At the meeting, officials urged companies to tap into billions of dollars in tax incentives and subsidies available through Trump’s newly approved July 4 tax and spending bill. They also called on tech giants to support the sector through direct investment or acquisitions. Apple, which recently signed a rare earths supply deal with MP Materials, and Corning did not respond to comment requests. Microsoft declined to comment. Attendees included startups and recyclers like Phoenix Tailings, Momentum Technologies, Vulcan Elements, REEcycle, and Cyclic Materials, all working on innovative solutions for rare earth recovery and processing. Battery recyclers Redwood Materials and Cirba Solutions, along with U.S. government-backed TechMet and magnet producer Noveon, were also present. Some participants requested a ban on the export of products containing rare earth magnets to encourage domestic recycling. Navarro reportedly said such a move might be considered later, once the U.S. industry matures enough to withstand Chinese retaliation. “All policy options are on the table,” he told Reuters. “As President Trump loves to say, ‘Let’s see what happens.’” Follow-up meetings with the companies are expected within four to six weeks, part of an accelerated timeline to mobilize resources and build out a domestic critical minerals sector critical to national security and technological independence.