Why does Donald Trump want Ukraine’s critical minerals so much?

There is one big reason Trump is so keen to get his hands on Ukraine’s critical minerals: China. More than ever, the Asian superpower is the world’s factory and that means, wherever in the world critical minerals are torn from the ground, it remains a crucial staging point on the supply chain.

Most of the world’s processing capacity for critical minerals is in China. According to the IEA, China’s share of refining is about 35% for nickel, 50-70% for lithium and cobalt, and nearly 90% for REEs. Its dominance in the latter, especially, is overwhelming. According to USGS data, in 2024 China accounted for almost half the world’s REE reserves.

With Trump effectively instigating a trade war with China with his imposition of steep tariffs on Chinese goods, US access to critical minerals is potentially under threat. As mentioned earlier, the world is being gripped by an unseemly scramble for mineral wealth. They are the building blocks of the economy of the future, and if the US does not get its hands on them, someone else will.