Trump announces $700m coal investment using wartime powers

President Trump announced a $700 million initiative to bolster the American coal industry, citing the need to shield consumers from escalating energy costs amid conflict with Iran. Using the Defense Production Act, a wartime authority tool, the administration will direct $500 million toward preserving 14 existing coal facilities and developing a California export terminal, while $200 million will fund the first new coal plants constructed in the United States since 2013. The president justified the investment by claiming it would prevent $50 billion in energy generation expenses from being transferred to consumers and create approximately 14,000 jobs.