Rare Earths In Kazakhstan | Armstrong Economics

The United States is now chasing critical minerals because Washington finally realized that outsourcing everything to China was national suicide. Tungsten is not some luxury commodity. It is used in missile warheads, fighter aircraft, semiconductors, and defense technology. Kazakhstan has one of the largest undeveloped tungsten deposits in the world, and the project could eventually produce around 12,000 metric tonnes per year, roughly equal to America’s entire annual imports.

But here is where the story begins to stink. According to India Today, before the Kazakhstan deal was finalized, the Trump administration was prepared to back the project with up to $1.6 billion in federal financing. Within weeks of negotiations, companies linked to Donald Trump Jr., Eric Trump, and Commerce Secretary Howard Lutnick’s family acquired financial interests in entities connected to the mining project.

Documents reviewed by The New York Times, as reported by India Today, show that Dominari Securities, an investment firm based in Trump Tower and partly owned by Donald Trump Jr. and Eric Trump, joined investors in acquiring a 20% stake in a company tied to the Kazakhstan venture. Around the same time, Cantor Fitzgerald, formerly led by Howard Lutnick and now overseen by his sons Brandon and Kyle, helped ASP Isotopes raise $210 million. Those transactions can generate millions in fees for an investment bank.

This is exactly why people no longer trust government. They are told every deal is about national security, then the same political families and connected banks somehow appear near the money. The article reports that companies connected to the Trump or Lutnick families have financial interests in at least 14 mining ventures pursuing projects backed by the U.S. government, involving more than $8.9 billion in federal financing or regulatory approvals. That does not prove illegality, but it absolutely raises the question every taxpayer should ask, who benefits?

The White House denied wrongdoing, saying, “The only special interest guiding the Trump administration’s decision-making is the best interest of the American people.” Eric Trump said he was “a passive investor with absolutely no management role.” Fine. Then disclose everything. If taxpayer financing is involved, if federal approvals are involved, and if the sons of the president or commerce secretary are financially positioned around the deal, the public has every right to demand full transparency.

This is how empires rot. Strategic resources become political prizes. Government financing becomes a pipeline for insiders. The public is told it is all for national security while the connected class quietly buys into the projects before the money flows. I have no problem with America securing tungsten. I have a problem when those close to power appear positioned to profit from government-backed deals.

The deeper trend remains clear. The world is moving from globalization into resource nationalism. Critical minerals are the new oil. China controls too much of the supply chain, and the United States must rebuild access to strategic materials. But if Washington turns that necessity into another insider enrichment scheme, then it will only accelerate the collapse in confidence. The resource war has begun, and the political class is already circling the spoils.