Trump, speaking to reporters at the White House, said Ukraine was willing, adding that he wants "equalization" from Ukraine for Washington's "close to $300 billion" in support.

"We're telling Ukraine they have very valuable rare earths," Trump said. "We're looking to do a deal with Ukraine where they're going to secure what we're giving them with their rare earths and other things."

It was not immediately clear if Trump was using the term "rare earths" to refer to all types of critical minerals or just to rare earths. 

Rare earths are a group of 17 metals used to make magnets that turn power into motion for electric vehicles, cellphones and other electronics. There are no known substitutes.

The US Geological Survey considers 50 minerals to be critical for the country's economy and national defense, including several types of rare earths, nickel and lithium.

Ukraine contains large deposits of uranium, lithium and titanium, although none are considered to be among the world's five biggest by volume and the US has its own untapped reserves of those and other critical minerals.

The US has only one operating rare earths mine, which is owned by MP Materials. Several other companies are working to develop US rare earths projects.

In 2024, the United States was reliant on China, Malaysia, Japan and Estonia for 80 percent of its rare earths needs, according to the US Geological Survey.

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