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The Trump administration plans to deploy nearly $12 billion to create a strategic reserve of rare earth elements, a stockpile that could counter China’s ability to use its dominance of these hard to process metals as leverage in trade talks. The White House confirmed on Monday the start of Project Vault, which would initially be funded by a $10 billion loan from the U.S. Export-Import Bank and nearly $1.67 billion in private capital. The minerals kept in the reserve would help to shield the manufacturers of autos, electronics, and other goods from any supply chain disruptions. During trade talks last year, spurred by President Donald Trump’s tariffs, the Chinese government restricted the exporting of rare earths that are needed for jet engines, radar systems, electric vehicles, laptops, and phones. China represents about 70% of the worlds rare earths mining and 90% of global rare earths processing. That gave it a chokehold on the sector that has caused the U.S. to nurture alternative sources of the elements, creating a stockpile similar to the national reserve for petroleum. The strategic reserve is expected to be the highlight of a ministerial meeting on critical minerals that Secretary of State Marco Rubio will host at the State Department on Wednesday, according to a U.S. official who spoke on the condition of anonymity because details of the event have yet to be released. Vice President JD Vance plans to deliver a keynote address at the meeting, which officials from several dozen European, African, and Asian nations plan to attend. The meeting is also expected to include the signing of several bilateral agreements to improve and coordinate supply chain logistics. The government-backed loan funding the reserve would be for a period of 15 years. The U.S. government has previously taken stakes in the rare earths miner MP Materials, as well as providing financial backing to the companies Vulcan Elements and USA Rare Earth. Bloomberg News was the first to report the creation of the rare earths strategic reserve. Trump is scheduled on Monday to meet with General Motors CEO Mary Barra and mining industry billionaire Robert Friedland. Josh Boak and Matthew Lee, Associated Press
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E-Commerce
President Donald Trump said Monday that he plans to lower tariffs on goods from India to 18%, from 25%, after Indian Prime Minister Narendra Modi agreed to stop buying Russian oil. The move comes after months of Trump pressing India to cut its reliance on cheap Russian crude. India has taken advantage of slacked Russian oil prices as much of the world has sought to isolate Moscow for its February 2022 invasion of Ukraine. Trump said that India would also start to reduce its import taxes on U.S. goods to zero and buy $500 billion worth of American products. This will help END THE WAR in Ukraine, which is taking place right now, with thousands of people dying each and every week! Trump said in a Truth Social post announcing the tariff reduction on India. Modi posted on X that he was delighted by the announced tariff reduction and that Trump’s leadership is vital for global peace, stability, and prosperity. I look forward to working closely with him to take our partnership to unprecedented heights, Modi said. Trump has long had a warm relationship with Modi, only to find it complicated recently by Russia’s war in Ukraine and trade disputes. In June, he announced the United States would impose a 25% tariff on goods from India after his administration felt the country had done too little to narrow its trade surplus with the U.S. and open up its markets to American goods. In August, Trump imposed additional import taxes of 25% on Indian products because of its purchases of Russian oil, putting the combined rate increase at 50%. Historically, Indias relationship with Russia revolves more around defense than energy. Russia provides only a small fraction of Indias oil but the majority of its military hardware. But India, in the aftermath of the Russian invasion, used the moment to buy discounted Russian oil, allowing it to increase its energy supplies while Russia looked to cut deals to boost its beleaguered economy and keep paying for its brutal war. The announced tariff reduction comes days after India and the European Union reached a free trade agreement that could affect as many as 2 billion people after nearly two decades of negotiations. That deal would enable free trade on almost all goods between the EUs 27 members and India, covering everything from textiles to medicines, and bringing down high import taxes for European wine and cars. The deal between two of the worlds biggest markets came as Washington targets both the Asian powerhouse and the EU bloc with steep import tariffs, disrupting established trade flows and pushing major economies to seek alternate partnerships. In recent months, India has accelerated a push to finalize several trade agreements. It signed a deal with Oman in December and concluded talks for a deal with New Zealand. Trump seemed to hint at a positive call with Modi on Monday morning, posting to social media a picture of the two of them on a magazine cover. When the pair met last February, the U.S. president said that India would start buying American oil and natural gas. But the talks faltered and the tariffs imposed last year by Trump did little to initially change India’s objections. While the U.S. has been seeking greater market access and zero tariff on almost all its exports, India has expressed reservations on throwing open sectors such as agriculture and dairy, which employ a bulk of the countrys population for livelihood, Indian officials said. The Census Bureau reported that the U.S. ran a $53.5 billion trade imbalance in goods with India during the first 11 months of last year, meaning it imported more than it exported. At a population exceeding 1.4 billion people, India is the worlds most populous country and viewed by many government officials and business leaders as geopolitical and economic counterbalance to China. Josh Boak, Aamer Madhani and Rajesh Roy, Associated Press
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E-Commerce
When President Donald Trump announced on social media February 1 that the John F. Kennedy Center for the Performing Arts in Washington D.C. would close for two years of “construction, revitalization, and complete rebuilding,” many observers were dismayed that the politicization of the center has gone this far. Among them is famed architect Steven Holl whose firm Steven Holl Architects designed a $250 million expansion of the Kennedy Center called the REACH that opened less than seven years ago. In an email to Fast Company, Holl expresses skepticism about the nature of Trump’s plan. “The REACH Expansion of the Kennedy Center, which opened in 2019 under the direction of Deborah Rutter and David Rubenstein, is a much loved and needed facility for the practice of artists in all cultural activities. We hope they will allow it to remain open if they are closing the main building. As a living memorial to John F. Kennedy, the Kennedy Center was the soul of culture in Washington DC its manipulation today is absurd,” Holl writes. Both Rutter, the former president of the Kennedy Center, and Rubenstein, its former board chair, were ousted from the organization in February 2025 by Trump, along with half of the board. His appointed replacements then elected him the new chair. In the months since, the Kennedy Center has become increasingly politicized. Trump had his own name added to the facade of the building. Meanwhile, a long line of artists have cancelled planned performances, audiences have shrunk, and notable officials have resigned. Does the Kennedy Center need a renovation? The two-year closure Trump proposes would be used to fix what he calls a “tired, broken, and dilapidated” facility. In a 2025 dinner with his newly installed board, Trump bemoaned the conditions of the Kennedy Center, claiming the previous board misspent millions in funding. “They certainly didn’t spend it on wallpaper, carpet or painting,” he said at the time. Shortly after her ouster, Rutter countered these assertions, blaming any perceived shabbiness on a lack of federal support. “Due to the limited and decreased funding from the federal government, there is a backlog of maintenance that has been prioritized to mirror the appropriated funding,” she said in a statement to NPR. Originally opened in 1971, the Kennedy Center is, like many half-century-old buildings, in need of regular maintenance. And as host to more than 2,200 performances and events per year, it is a heavily used facility. The REACH Expansion project, and Holl’s design, were intended to lessen the burden on the historic building by adding new rehearsal rooms, education areas, and performance spaces both inside and outside of the 72,000-square-foot, multi-pavilion complex. Natural light filters into the performance and practice rooms, and the sculptural forms of the pavilions turn them into backdrops for outdoor performances and events overlooking the Potomac River. The project was seen as an investment in the future of the Kennedy Center, and a way to augment the existing facility while reducing the toll of its heavy use on the aging central building. “More and more, today’s audiences crave connectionwith art and with each otherwhile artists and arts organizations desire customized spaces that nurture their creative endeavors. The REACH will fulfill many of those needs, all within a one-of-a-kind design that is a work of art in and of itself,” Rutter said at the time of its opening. Under Trump’s plan, the Kennedy Center would close on July 4. No detailed plans have yet been announced, and the White House did not respond to a request for additional information, so the extent of this proposed closure and reconstruction is unclear. Whether it would affect Holl’s still-new addition remains to be seen.
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E-Commerce
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