Trump administration plans to use $2 billion in Chip Act funds to buy critical minerals

The Trump administration is considering a plan to reallocate at least $2 billion from the Chip Act to fund critical minerals projects and boost Commerce Secretary Lutnik's influence over strategic industries, according to two people familiar with the matter. The proposed move would draw money from grants for semiconductor research and chip factory construction, avoiding new spending requests. Strengthening Lutnik's role in critical minerals financing would also help focus the administration's overall strategy for the industry, one of the sources said. White House officials pushed the approach after a Pentagon investment in rare earth company MP Materials last month sparked discussions about the U.S. government's minerals strategy.