The White House intervened to get a $620 million deal for a company tied to Donald Trump Jr.

The Pentagon announced a $620 million loan to Vulcan Elements, a North Carolina rare-earth magnet startup, in a deal ProPublica found was pushed by White House adviser Peter Navarro. Navarro, a close associate of Donald Trump Jr., initiated the request, making Vulcan the only company among dozens under consideration to receive such direct White House intervention. Pentagon staff worked urgently to finalize the loan in weeks, with sources describing pressure from the White House to expedite the process. Vulcan Elements, founded just two years prior, saw its valuation surge tenfold after the loan announcement, benefiting Trump Jr.’s venture capital firm, which had taken a stake in the company months earlier. The deal aligns with broader Pentagon efforts to reduce reliance on China’s critical mineral supply chains but has drawn scrutiny amid allegations of favoritism toward Trump-linked businesses. Navarro, a former trade adviser in Trump’s first term, has maintained a close relationship with Trump Jr., who visited him in prison during Navarro’s sentencing for defying a Capitol riot subpoena. A week before the Vulcan loan was announced, Trump Jr. hosted Navarro on his streaming show, promoting Navarro’s book to subscribers. ProPublica’s investigation marks the first instance where a federal contract has been directly tied to White House intervention for a Trump-affiliated company. Defense officials and Vulcan’s founder denied any political influence, but internal Pentagon records and interviews with involved staff reveal the loan’s unusual origins. The White House did not respond to requests for comment, and Navarro declined to address the allegations. The deal follows a pattern of government contracts and benefits awarded to Trump-linked ventures, raising ethical concerns from lawmakers and watchdog groups. Another Trump Jr.-affiliated company, a drone parts manufacturer, remains under review for a potential Pentagon loan, according to defense sources. The broader context includes past contracts and financial benefits granted to Trump family businesses, further fueling debates over self-dealing in government.