US Administration Continues to Push for Reshoring and Localization
American, Canadian, and Mexican mining, mineral processing, and manufacturing assets should continue to accrete optionality as Trump administration looks to reset globalization impulses.
We have previously written about the evident impetus to reshore, stimulate, and develop American mining, manufacturing, and mineral processing. The corollary is a new strategic appreciation for critical minerals in general. Many of these issues will also be discussed at the upcoming Mining Forum Europe.
These themes surfaced again yesterday (Mar. 18) when Vice President J.D. Vance spoke at the American Dynamism Summit (2025 content still to be posted. VC firm Andreessen Horowitz hosts the summit to identify and stake founders and companies that support US national interests in aerospace, defense, public safety, education, housing, supply chain, industrials, and manufacturing. Most of those are intensely dependent on mining, although he did not mention it explicitly since he focused on digital technology.
Vance addressed perceived tension between "techno-optimists" and the "populist right," arguing that these groups are not inherently at odds. Vance argued that technological innovation was inevitable but did not have to be at the expense of economic growth and dignity derived from meaningful work.
“Whether we were offshoring factories to cheap labor economies or importing cheap labor through our immigration system — cheap labor became the drug of Western economies.”
Speech highlights
Erosion of Middle-Class Jobs: Globalization has led to the outsourcing of jobs, undermining the stability and dignity of work for the American middle class.
Economic Dependence on Foreign Powers: Over-reliance on global supply chains has weakened U.S. self-sufficiency, exposing vulnerabilities in critical industries like manufacturing and technology.
Hollowing Out of Communities: Offshoring has devastated local economies, particularly in regions dependent on mining, processing, and manufacturing, reducing opportunities for meaningful employment.
Loss of National Competitiveness: Globalization has shifted technological and industrial advantages to rival nations, threatening America’s position as a global leader, which Vance ties to the need for renewed dynamism.
“Deindustrialization poses risks both to our national security and our workforce. It's important because it affects both. And the net result is dispossession, for many in this country, of any part of the productive process. And when our factories disappear and the jobs in those factories go overseas, American workers are faced not only with financial insecurity, they're also faced with a profound loss of personal and communal identity.”
Implications for reshoring mining, processing, and manufacturing
Restoring Economic Resilience: Bringing these industries back to the U.S. strengthens supply chains and reduces dependence on foreign entities, aligning with Vance’s vision of countering globalization’s downsides.
Preserving Dignity in Work: Reshoring supports jobs that offer employees financial stability, purpose, and pride.
Boosting Technological Leadership: Domestic mining and processing critical materials ensure the U.S. retains control over resources vital to innovation, a priority in Vance’s call for American dynamism.
Countering Globalization’s Failures: By revitalizing these sectors, the U.S. can reverse the negative impacts of offshoring, fostering growth and competitiveness as part of the administration’s policy focus.
National Security Imperative: Reshoring reduces reliance on adversarial nations for essential goods, supporting Vance’s broader narrative of safeguarding American interests through industrial strength.
The cumulating evidence of the Trump administration’s approach to industrial policy suggests that investors should be long the primary source of hard assets in North America.