The US administration has reportedly announced plans to implement a price support strategy for US rare earths projects, aiming to boost domestic production and curb China’s market dominance, reported Reuters, citing sources.

The move follows a meeting on 24 July, led by Peter Navarro, President Donald Trump’s trade advisor, and David Copley, a National Security Council official, with rare earths companies and tech giants reliant on these minerals.

During the meeting, Navarro and Copley conveyed that the price floor extended to US rare earths company MP Materials as part of a Pentagon investment was part of a broader strategy.

“Our goal is to build out our supply chains from mines to end use products across the entire critical mineral spectrum,” Navarro was quoted as saying.

China, the leading producer of rare earths, halted exports earlier in the year, highlighting the vulnerability of US supply chains.

The approach of the Trump administration, likened to 2020’s Operation Warp Speed, seeks to rapidly enhance US rare earths output through various means including mining and recycling.

Navarro confirmed the meeting’s occurrence and its objectives, although he did not comment on the specifics of the price floor discussion.

The administration’s plan also encourages companies to tap into government financial support including incentives from Trump’s recent tax and spending bill.

The meeting’s attendees, including Phoenix Tailings, Momentum Technologies and Vulcan Elements, were advised to explore existing government support and were informed of the president’s interest in seeing more tech companies invest in the rare earths sector.

The officials also discussed the possibility of banning exports of equipment containing rare earth magnets to promote domestic recycling, a measure Navarro said would be considered once the US industry is more developed.

In a related move, President Trump signed a proclamation to impose a 50% tariff on several categories of copper imports from 1 August, aiming to strengthen the US copper industry for national security reasons.

The administration officials plan to reconvene with the companies in four to six weeks, underlining the urgency to support the US minerals industry’s growth.