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March 27, 2026

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President Donald Trump’s push to expand U.S. mining and loosen China’s global grip on critical minerals is colliding with his administration’s defense in court of a Biden-era veto blocking Alaska’s copper-rich Pebble Mine, reviving scrutiny of Donald Trump Jr.’s past opposition to the project.

The fight over Pebble Mine has spanned multiple administrations. Including in 2014, when the Obama Environmental Protection Agency concluded mining in Bristol Bay’s headwaters could damage the world’s largest sockeye salmon fishery. Biden’s EPA vetoed the project in January 2023, prompting a lawsuit from Pebble and the state of Alaska. The Trump Department of Justice is now defending that veto in court. 

The clash under the Trump administration has given Pebble supporters new ammunition to argue the White House is undercutting its own agenda as Trump races to secure domestic supplies of copper and other minerals critical to defense systems and advanced technology.

It also puts Trump Jr.’s stance on Pebble Mine back in focus. In 2020, Trump Jr. publicly opposed the mine, joining GOP operative Nick Ayers, who served as chief of staff to former Vice President Mike Pence, in citing concerns about the local bay’s ecosystem. 

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“As a sportsman who has spent plenty of time in the area I agree 100% [with Ayers],” Trump Jr. wrote on X in August 2020. “The headwaters of Bristol Bay and the surrounding fishery are too unique and fragile to take any chances with. #PebbleMine.”

Policy paradox

John Shively, CEO of Pebble Limited Partnership, the company hoping to develop the mine, contended that the Trump DOJ defending the Biden-era veto undermines the president’s agenda and would force the United States to cede copper and rare earth minerals to Beijing. Shively called the veto a “textbook example of D.C. bureaucrats imposing their will on Alaska.”

“It sort of conflicts a little bit with what President Trump is doing,” Shively told Fox News Digital in an interview. “I’ll give him credit. One of the things I like to say in life is, ‘If you don’t recognize a problem, you’re never going to solve it.’ Well, they have recognized we’re in serious trouble in getting minerals in this country and metals, and so it’s a little surprising they continued the EPA lawsuit.”

The White House and EPA did not respond to multiple requests for comment for this story. The DOJ, which is representing EPA in court as it fights to keep the Biden-era veto in place, declined to comment and deferred to the EPA.

Since Trump took office, his administration has moved quickly to dismantle the environmental policies of his liberal predecessors and strengthen the United States’ mineral supply. Trump signed executive orders that declared a national emergency on critical minerals, directed federal agencies to fast-track permitting processes and expanded the government’s list of critical minerals by adding copper and nine others to the list.

Trump Jr., an avid outdoorsman, has not spoken to the president or anyone in the administration during this term about Pebble Mine, but he did weigh in on the matter with his father in the first term, a source close to Trump Jr. told Fox News Digital. 

One industry source who spoke to Fox News Digital pointed to Trump Jr. and Ayers, attributing the Trump administration’s position on Pebble Mine in part to them. Ayers, like Trump Jr., openly opposed the mine in an X post in 2020.

“Like millions of conservationists and sportsmen, I am hoping @realDonaldTrump will direct @EPA to block the Pebble mine in Bristol Bay,” Ayers wrote on X. “A Canadian company will unnecessarily mine the USA’s greatest fishery at a severe cost. This should be stopped.” Pebble, which is spearheading the mine project, is a U.S. offshoot of Canadian company Northern Dynasty Minerals.

Ayers did not provide comment for this story.

The source close to Trump Jr. said that in the first administration, the president’s son told associates he was concerned, having been to Bristol Bay to fish on multiple occasions, about the mine’s potential effect on the ecosystem there.

The industry source balked at the Trump administration’s Pebble Mine contradiction, saying it was rooted in profit motives. The source told Fox News Digital that “these guys are cheap dates. … Like you sold your soul for a fishing trip on a boat for a week.” 

“How can you open at the one hand this reserve of rare earths to stop the Chinese from cornering the market, but then say, ‘We’re not going to have our own mining industry’?” the source said.

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When asked about potential outside influences affecting the administration’s position, Shively said: “Instead of focusing on comments from the past, we hope the administration is worried about the next president using this EPA veto to shut down signature Trump energy and critical mineral projects.”

A ‘kill switch’ to save the salmon

The veto, also known as a “kill switch,” is a rarely-used mechanism of the Clean Water Act. The law allows a company to seek a mining permit from the U.S. Army Corps of Engineers, but the EPA can use the kill switch to block the permit.

Pebble’s permit request was rejected in the first Trump term, but Pebble won a reversal of that decision through an internal appeals process. That internal process was still playing out when the Biden administration issued the veto.

Pebble is asking the court to scrap the veto and allow the company to continue with the permitting process.

Pebble lawyers have argued that the company “spent decades and a billion dollars planning the safest and least impactful mine possible” and that studies adequately addressed the salmon concerns.

Copper and other critical minerals

China is the world’s leading import source for more than two dozen critical minerals, including most rare earth minerals. The Trump administration has said that domestic access to critical minerals, including rare earths, is fundamental to national security and AI infrastructure.

The United States has, in recent decades, gone from dominating the production of the world’s rare earths to relying on China, which now controls roughly 70% of mining and nearly 90% of refining, Fox News Digital previously reported. 

China dominates the refining of many critical minerals and more than half of global copper refining, while the U.S. imports roughly 45% of its copper supply. Pebble says the mine could supply about 15% of U.S. copper demand.

“We’ve already committed to building a lot more defense capacity,” Shively said, noting that copper would be used for nuclear submarines, large aircraft carriers, jets and more crucial defense supplies.

In addition to copper, the Pebble mineral deposit is also rich in rare earths, Shively said, noting Pebble could mine rhenium and molydbdenum, which is used to strengthen steel. 

Shively said the veto, if the court approves it, would set a dangerous precedent that allows future administrations and activists to level broader Clean Water Act vetoes. The current veto targets an expansive 220,000-acre area of Alaska containing an estimated 80 billion pounds of copper, according to court papers. 

“If they can use this tool against us, they can use it anywhere in the country,” Shively said. “And when you get rabid environmentalists in government, they tend to use these kinds of tools.”

Briefing in the lawsuit is set to be completed by mid-April, and the court could issue a decision anytime after that or call for oral arguments to continue examining the fight.

U.S. stocks rose Wednesday and global oil prices fell in yet another volatile trading session as traders and investors were buffeted by constant headlines about the war in Iran.

News of a 15-point U.S. peace plan proposal sparked hopes early in the day that the Trump administration was moving to end its monthlong war against Iran. Initially, the S&P 500 and the Nasdaq 100 futures rose more than 1%.

But reports that Iran had responded negatively to the proposal briefly knocked index futures off their pre-market highs and lifted oil prices off their morning lows.

Despite the early setback, stocks closed the trading day higher. At 4 p.m. ET, the S&P 500 index was up about 0.4%, the Nasdaq Composite closed 0.7% higher, and the Dow jumped 305 points. The Russell 2000 index of smaller companies rose 1.1%.

The price of U.S. crude oil also traded off its lowest levels of the day and was down only 1.4% to about $90 per barrel by late afternoon. West Texas Intermediate crude oil has soared more than 30% since the start of the war on Feb. 28. The cost per barrel is up 50% since the beginning of the year.

International Brent crude prices traded near breakeven, at around $102 per barrel. The price of heating oil, a proxy for jet fuel, dropped 6%.

The global price of oil directly affects what Americans pay at the gas pump and what it costs them to heat and cool their homes. The average nationwide price of unleaded gas Wednesday was $3.98 per gallon, according to AAA data.

“Markets desperately want to believe in the positive,” UBS Global Wealth Management chief economist Paul Donovan wrote. “Focus on the apparent 15-point US plan to end the war has received more attention than Iranian dismissals of this, or the fact that passage through the Strait of Hormuz is minimal.”

Iran’s response to the U.S. proposal included a list of five conditions for ending the war, according to Iranian state TV, which cited a senior political-security official with knowledge of the details of the proposal.

Pakistan has also offered to mediate talks to end the hostilities, four sources told NBC News. A Persian Gulf official said Pakistan had been passing messages between the two countries for the past two days.

An in-person meeting between the U.S. and Iran could be held in the coming days, two sources added.

But President Donald Trump has continued to give conflicting signals.

On March 16, Trump said he was delaying his scheduled visit to China “by a month or so” to monitor the war. On Monday, he said the Strait of Hormuz would be “open very soon.”

And on Tuesday, Trump told reporters in the Oval Office, “This war has been won.” At the same time, the U.S. is sending more than 1,000 additional troops to the Middle East, sources said.

A motorist drives past a sign displaying prices at a gas station in Oakland, Calif., on Tuesday.Godofredo A. Vásquez / AP

Since the war started, the market has experienced several days like this, when markets are whipsawed by constant back-and-forth comments.

“There’s really no way to know at this point what the facts are regarding the state of negotiations, as neither side has any real incentive to conduct talks via the press, so expect more whipsaw action as things continue to progress,” analysts at Bespoke Investment Group wrote in a client note.

They added that the “ongoing tensions continue to support higher prices [and] stoke inflation concerns” and are likely to cause central banks to remain on hold, rather than cut rates.

On the contrary, traders believe the European Central Bank and the Bank of England will both raise interest rates.

“Uncertainty remains high,” analysts at ING wrote in a note Wednesday morning. “Overall, volatility remains elevated and a geopolitical risk premium persists.”

In the 18 trading sessions since the war began, U.S. oil prices have closed down only five times. Likewise, over the same period, the S&P 500 has closed higher only seven times. Three of those higher closes were only fractional.

After Wednesday’s close, the Nasdaq was down nearly 6% for the year, while the S&P 500 was on track for a 3.5% loss so far. The majority of those losses were concentrated in the weeks since the war began.

Meanwhile, the Strait of Hormuz, through which 20% of the world’s oil supply typically passes, has remained at a near standstill since the war began.

On Monday, just five ships passed through the strait, according to data compiled by S&P Global Market Intelligence. On Tuesday, the total was six. On many days since the war started, not a single ship has passed through.

However, some of the ships passing through the strait have taken an unusual course that put them close to the Iranian coastline, potentially signaling that Tehran was keeping a tight grip on traffic flows. Two Indian ships were granted passage Tuesday after a deal with Iran, Bloomberg News reported. The Iranian navy also guided the ships.

Otherwise, hundreds of other ships loaded up with cargo, oil and liquefied natural gas remain stuck.