Trump plans to 'dramatically expand' mineral production in US
Photo: Donald Trump addressing Congress (Getty Images)
During his address to Congress, US President Donald Trump announced a plan to significantly increase domestic production and extraction of "critical minerals and rare earths."
According to the US president, the extraction of critical minerals in the US will "dramatically expand."
During his address to Congress, Trump stated that later this week, he plans to take "historic action to dramatically expand production of critical minerals and rare earths here in the USA."
Materials such as graphite, lithium, uranium, and the 17 chemical elements known as rare earths are critical for economic growth and national security.
They are essential to the production of electronics, and clean energy technology, including wind turbines, energy networks, and electric vehicles, as well as some weapons systems.
US and Ukraine to sign minerals deal
The framework agreement between Ukraine and the US includes the creation of an investment fund under the joint management of both countries. Under the agreement, Ukraine would be required to contribute 50% of its revenue from the sale of critical minerals to the fund.
Ukraine is believed to hold about 5% of the world's total rare earth element reserves. By comparison, the US, which is about 12 times larger in land area, possesses only 1-2% of global rare earth reserves.
On March 4, Reuters reported that Ukraine and the US were expected to sign an agreement on profit-sharing from mineral extraction within hours. According to the agency, Trump might announce this deal during his speech to Congress.
Meanwhile, Fox News reported that the White House denied media claims about the imminent signing of a minerals deal with Ukraine.
Additionally, CBS News wrote overnight that the agreement between Washington and Kyiv on US access to Ukraine's mineral resources has not yet been finalized and that Trump intends to modify the document.
Trump to address Congress
Earlier, US President Trump is expected to address several key topics in his speech to Congress, including his administration's efforts to address the country's economic situation.
According to officials, the American leader will discuss how his team continues to tackle the economic issues that arose under the Biden administration and is taking steps to curb inflation and improve the financial situation for all Americans.
Trump is also expected to mention more than $1.7 trillion in investments made since he took office. He will emphasize the need for Congress to allocate additional funds for border security. He will raise the issue of funding deportations and continuing the construction of the border wall along the southern border of the country.
Trump will also outline his plans for restoring peace globally, particularly discussing ways to end the war in Ukraine and securing the release of all hostages in the Gaza Strip.
Meanwhile, American media outlets reported that progressive Democrats might disrupt Trump's speech in Congress.
