US President Donald Trump and Australian Prime Minister Anthony Albanese on Monday signed a deal on Australia’s rare earth minerals.
The deal comes as China imposed new restrictions on rare earth exports, prompting Trump to impose additional 100% tariffs on imports from China starting next month.
“In about a year from now, we’ll have so many critical minerals and rare earths that you won’t know what to do with them,” Trump told reporters at the White House.
Trump was hosting Albanese at the White House this morning and the leaders signed the document in front of the media.
Albanese described the deal as part of an $8.5 billion pipeline “that we’re ready to go on.”
US and Australia sign important minerals agreement
Under the critical minerals agreement, both the US and Australia have to invest $1
The Prime Minister’s Office said billions of dollars in mining and processing projects would be immediately available over the next six months.
The projects have been divided into three groups – joint investments between the US and Australia; Sole projects in Australia; and joint projects between the US, Australia and Japan.
Trump signals support for AUKUS nuclear submarine deal
Trump also indicated support for an arrangement under the trilateral security partnership called “AUKUS” to sell nuclear-powered submarines to Australia by 2032.
According to the agreement reached in 2023 under then-President Joe Biden, Australia will build a new submarine class with Britain.
Security experts and analysts closely monitored the meeting to know more on the AUKUS deal as there were fears that it could be scrapped.
“We’ve moved them forward very quickly,” Trump said, referring to the AUKUS agreement, under which Australia will spend $239 billion on submarines over three decades.
Trump tells Kevin Rudd he doesn’t like him and ‘probably never will’
In an awkward moment, Trump told Australia’s ambassador to the US and former Prime Minister Kevin Rudd that he doesn’t like him and “probably never will.”
Trump was asked by an Australian reporter whether Rudd’s past comments about him had influenced his views about the administration of Anthony Albanese.
“Did you say something bad?” Trump asked Rudd, who, as part of the Australian delegation, was sitting across from Trump and his delegation in the Cabinet Room.
Rudd responded, “Before I took this position, Mr. President.”
“I don’t like you either and probably never will,” Trump said.
Rudd criticized Trump on social media in 2020, calling him “the most destructive president in history.” Rudd has since removed the posts.
Edited by: Sam Dusan Inayatullah