Fox News grinds to a screeching halt for major Donald Trump announcement | TV & Radio | Showbiz & TV

Fox News ground to a halt as Donald Trump broke major news about launching a $12 billion project to stockpile critical minerals as a countermeasure against Chinese dominance. The project was called Project Vault, and the US President shared the details live on Fox News from the White House in his speech in the Oval Office today. Sitting at his desk reading a script, he said: “For years, American businesses have been at risk of running out of critical minerals during market disruptions. Today, we will launch what is known as Project Vault to ensure that American businesses and workers will never suffer from a shortage of any kind. We do not want to go through what we went through a year ago – even though it worked.”

He continued: “Just as we have a long strategic patrol, reserve and critical mineral stocks, we are now creating this reserve for American industry, so we do not have any problems.”

The announcement comes as Trump steps up efforts to reshore production by shifting American supply chains away from Beijing.

The project will combine a $10 billion loan from the U.S. Export-Import Bank with $1.67 billion in private capital to purchase and store minerals for industrial users, technology companies and automakers.

Harvey Kaye, president of US Critical Materials, told mining.com: “Project Vault is a clear signal that US critical minerals policy is being implemented.

“It clearly says that secure supplies of heavy minerals such as rare earths and gallium are now considered strategic infrastructure to establish US dominance for our economy and defense industrial base.”

Fox News viewers reacted to the announcement, with one writing about X: “This initiative is crucial to economic security.” Another said: “So how does this help my business? Or is this just another thing that helps billionaires?”

A third added: “Another idea to be added to the list of Trump failures sooner or later!”