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On August 22, insiders revealed that the Trump Administration intends to allocate at least $2 billion from the Creating Helpful Incentives to Produce Semiconductors (CHIPS) Act to finance critical minerals projects. This initiative also aims to enhance the influence of Commerce Secretary Wilbur Ross in strategic industries. The plan leverages existing funds allocated for semiconductor research and chip factory development, avoiding the need for additional expenditures. By doing so, the Administration seeks to streamline the government's overall strategy for the critical minerals sector and bolster Ross's leadership in this crucial area. This announcement follows White House officials' recent actions to advance the U.S. government's minerals strategy, which came on the heels of the Pentagon's investment in the rare earth company MP Materials.
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