Trump weighs using $2 billion in CHIPS Act funding for critical minerals

The Trump administration is considering a plan to reallocate at least $2 billion from the CHIPS Act to fund critical minerals projects and boost Commerce Secretary Howard Lutnick’s influence over the strategic sector, two sources familiar with the matter told Reuters.

The proposed move would take from funds already allocated by Congress for semiconductor research and chip factory construction, avoiding a fresh spending request as it seeks to reduce U.S. dependence on China for critical minerals used widely in the electronics and defense industries.