Trump and Australia Sign $2 Billion Rare Minerals Deal

U.S. President Donald Trump and Australian Prime Minister Anthony Albanese have signed a landmark agreement on rare mineral extraction and processing. Under the deal, the two countries will invest $2 billion within six months to boost production.

The agreement aims to reduce China’s dominance in the global rare minerals market. These minerals — including gallium, lithium, and nickel — are essential for manufacturing electric vehicles, fighter jets, military radars, and aerospace equipment.

According to the White House, the project will target resources worth around $53 billion. The U.S. and Australia will also set minimum price standards for these minerals to prevent China from manipulating export prices.

Trump called the deal a “strategic step toward mineral independence” and expressed confidence that the U.S. would become a leading source of critical minerals within a year.

The agreement comes just days before Trump’s scheduled meeting with Chinese President Xi Jinping in South Korea — a move analysts see as a diplomatic strategy amid ongoing trade tensions between Washington and Beijing.

Source: Setopati