ExecutiveOrdersEO
Det 2026-19DeterminationTrump 47 · R Quiet signal

Presidential Determination 2026-19

Presidential Determination Pursuant to Section 101 of the Defense Production Act of 1950, as Amended, on Recoverable Critical Minerals and Materials

This determination invokes the Defense Production Act to declare recoverable critical minerals and materials (including black mass, rare-earth magnet scrap, and swarf) as essential to national defense, authorizing the Secretary of Commerce to implement regulations and take actions to secure their supply. It explicitly excludes copper scrap, already covered under a separate 2025 proclamation.

Federal Register Open PDF 91 FR 50465

Impact dates

  1. 17d ago

    Publication of determination in Federal Register

Market exposure

Policy exposure mapping — not investment advice. Illustrative public companies are incomplete and not recommendations.

Sectors

Critical mineralsTechnology & softwareDefense primesOther industrial

Mechanisms

ProcurementSubsidy / incentiveLicensing

Role pressure

  • ProtectiveDomestic producer — DPA invocation prioritizes domestic access to recoverable CMMs; potential subsidies, procurement preferences, or production incentives for rare-earth recycling and black mass processing
  • AdverseImporter — DPA findings of 'inadequate supply' and supply chain risk suggest potential restrictions, quotas, or tariffs on imported recoverable CMMs to prioritize domestic defense needs
  • MixedDownstream manufacturer — Potential supply security benefits offset by risk of 'appreciable hardship' from civilian market dislocation if defense prioritization restricts access to rare-earth magnet scrap and swarf
  • ProtectiveEquipment supplier — Recycling equipment and separation technology providers may benefit from DPA-driven investment in domestic recoverable CMM processing capacity

Geographies

USCNJPEU

Illustrative public companies

Curated watchlist matches by sector/role — incomplete; not a recommendation.

MMM3MALBAlbemarleGOOGLAlphabetAAPLAppleBABoeingCATCaterpillarDQDaqo New EnergyFCXFreeport-McMoRanGEVGE VernovaGDGeneral DynamicsHONHoneywellQQQInvesco QQQ TrustLMTLockheed MartinMETAMeta PlatformsMSFTMicrosoftMPMP MaterialsNOCNorthrop GrummanNVDANVIDIAORCLOracleRTXRTXSPYSPDR S&P 500 ETFSQMSQM

Confidence: medium · Policy alerts

Key directives

  • Secretary of Commerce authorized and directed to implement determination under DPA Section 101
  • Secretary of Commerce to issue regulations, rules, guidance, and procedures
  • Secretary of Commerce to publish determination in Federal Register

Who is ordered

Timeline

Immediate

  • DPA Section 101 invoked for recoverable CMMs
  • Secretary of Commerce authorized to implement regulations

Near term (90d)

  • Commerce Department may issue regulations, rules, guidance, and procedures

Long term

  • Potential restructuring of recoverable CMM supply chains
  • Reduced import dependence for critical mineral recycling feedstocks

Risks & tensions

  • Exclusion of copper scrap suggests deliberate carve-out to avoid overlap with Proclamation 10962, indicating complex trade policy coordination
  • Vague 'all appropriate action' language gives Commerce broad discretion; actual market impact depends on implementing regulations not yet issued
  • Invocation of 'appreciable hardship' standard in Section 3(a)(ii) creates tension between defense prioritization and civilian market disruption
  • Definition allows Commerce to designate additional minerals beyond statutory lists, creating regulatory expansion risk
Presidential Determination 2026-19: Presidential Determination Pursuant to Section 101 of the Defense Production Act of 1950, as Amended, on Recoverable Critical Minerals and Materials · Executive Orders