Trump Official Touts South Carolina Magnet Plant — But the Project Began Under Biden
A top Trump administration economic official is promoting a new magnet manufacturing facility in South Carolina as part of the administration’s effort to revive U.S. supply chains — even though the project was announced during the Biden administration.
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Scott Bessent, Secretary of the Treasury, highlighted the facility in recent remarks, saying the plant marks a major step toward ending reliance on China for critical rare-earth magnets. He described it as evidence of a manufacturing comeback under President Trump.
But public records show the project predates the current administration.
The company, e-VAC Magnetics, announced plans in December 2023 to build its first U.S. facility in Sumter County — a more than $500 million investment expected to create roughly 300 jobs. That announcement came under the Biden administration, months before Trump returned to office.
In September 2023, the Department of Defense also entered into a $94 million agreement with the company to support equipment for the new plant, aiming to boost domestic production of critical magnet materials. The Biden White House later pointed to the South Carolina facility as part of its effort to secure mineral and manufacturing supply chains.
The Trump administration has not disputed the timeline but is now highlighting the plant as part of its broader strategy to expand U.S. industrial capacity.
For now, construction and development of the facility continue — with credit for its launch rooted firmly in the previous administration’s policy and funding decisions.