China rivalry ‘no excuse’: US Democrats allege corruption in Trump’s mining deals

US Democratic lawmakers have accused the Trump administration of using China's critical minerals competition as an excuse for corruption, alleging that billions of dollars in deals enriched the president's family and friends. During a Ways and Means Committee hearing, Linda Sanchez and Judy Chu raised concerns about potential conflicts of interest in mining deals.

The Trump administration has invested billions in domestic and overseas mining projects, aiming to break China's grip on critical mineral supply chains. However, questions arise over transparency and favoritism in awarding mining contracts. Cantor Fitzgerald, owned by Lutnick, acted as the lead placement agent for a private share offering tied to USA Rare Earth's government investment, raising concerns about a possible conflict of interest.

Lawmakers emphasized the need for public disclosure of terms, ownership, financing, and government guarantees to prevent corrupt practices. Despite the administration's efforts, China continues to dominate critical mineral supply chains through export controls and retaliatory measures.