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chairman donald trump And Australian Prime Minister Anthony Albanese Signed a critical-mineral agreement in white House On Monday as the US sets its sights on the continent’s rich rare-earth resources China It is imposing strict rules on the export of its important minerals abroad.
Both the leaders described the agreement as an $8.5 billion deal between the allies. Trump said that this was discussed for several months.
“Today’s agreement on critical minerals and rare earths takes the US-Australia relationship to the next level,” Albanese said.
This month, Beijing announced it would require foreign companies to obtain approval from the Chinese government to export magnets originating from China or containing small amounts of rare-earth materials produced with Chinese technology. Trump’s Republican administration says this gives China sweeping power over the global economy by controlling the technology supply chain.
“Australia is going to be really helpful in trying to prop up the global economy and make it less risky, versus the kind of rare earth extortion we’re seeing from the Chinese,” Kevin Hassett, director of the White House National Economic Council, told reporters ahead of Trump’s meeting with Albanese on Monday morning.
Hassett praised its refiners and abundance of rare earth resources, saying Australia has one of the best mining economies in the world. Australian officials accompanying Albanese also include ministers overseeing resources and industry and science, and Australia has dozens of critical minerals sought by the US.
The Prime Minister’s visit comes just before Trump plans to meet Chinese President Xi Jinping in South Korea later this month.
On Albanese’s part, the Prime Minister said ahead of his visit that the two leaders would have the opportunity to deepen their countries’ ties on trade and defence. Another expected topic of discussion is AUKUS, a security agreement with Australia, the United States and the United Kingdom that was signed during the Democratic administration of US President Joe Biden.
Trump has not publicly indicated whether he would like to retain AUKUS, and the Pentagon is reviewing the agreement.
“Australia and the United States have stood shoulder to shoulder in every major conflict for more than a century,” Albanese said before the meeting. “I look forward to a positive and constructive meeting with President Trump at the White House.”
The center-left Albanese was re-elected in May and suggested shortly after his victory that his party increased its majority by not modeling itself on Trumpism.
“Australians have chosen to face global challenges the Australian way, looking after each other while building the future,” Albanese told supporters during his victory speech.