Trump Invokes Wartime Powers to Boost U.S. Critical Minerals Output.
President Donald Trump invoked emergency powers to increase U.S. critical minerals production in a bid to reduce reliance on “hostile foreign powers’ mineral production.”
In an executive order, the U.S. President invoked the Defense Production Act (DPA), which is the main tool at a U.S. president’s disposal to shift economic activity toward national defense priorities.
The executive order says that the Secretary of Defense may use the authority under section 303 of the DPA, for the domestic production and facilitation of strategic resources the Secretary of Defense deems necessary or appropriate to advance domestic mineral production in the United States.
“Our national and economic security are now acutely threatened by our reliance upon hostile foreign powers’ mineral production. It is imperative for our national security that the United States take immediate action to facilitate domestic mineral production to the maximum possible extent.”
The executive order also aims to accelerate private and public capital investment.
Source: Oilprice
