Trump’s Son and US Taxpayers Back the Same Rare-Earth Startup

Rare-earth magnets are part of the invisible warp and weft of modern life. They help seat belts fasten, wind turbines spin and missiles launch. But China has long had a choke hold on their production.

Vulcan Elements, a three-year-old startup, aims to build the largest rare-earth magnet factory in the world outside China. These powerful parts—much stronger than the ceramic kind loaded into household appliances—are fashioned from difficult-to-isolate elements and act as a linchpin for satellites, drones, robotics and a range of other defense technologies. Vulcan’s operations will transform a once-mainly agricultural corner of central North Carolina—and, even more, US ...