US, Australia sign critical-minerals agreement as way to counter China

Washington: President Donald Trump and Australian Prime Minister Anthony Albanese signed a critical-minerals deal at the White House on Monday as the US eyes the continent’s rich rare-earth resources when China is imposing tougher rules on exporting its own critical minerals abroad.

The two leaders described the agreement as an USD 8.5 billion deal between the allies. Trump said it had been negotiated over several months.

“In about a year from now we’ll have so much critical mineral and rare earth that you won’t know what to do with them,” said Trump, a Republican, boasting about the deal. “They’ll be worth USD 2.”

Albanese added that the agreement takes the US-Australia relationship “to the next level.” Earlier this month, Beijing announced that it will require foreign companies to get approval from the Chinese government to export magnets containing even trace amounts of rare-earth materials that originated from China or were produced with Chinese technology. US says this gives China broad power over the

global economy.