US President Donald Trump and Prime Minister Anthony Albanese Monday signed an agreement on Australia’s rare earth minerals.
The agreement comes as China puts new restrictions on rare earth exports, prompting Trump to impose an additional 100% tariff on imports from China from next month.
“In about a year from now, we’ll have so much critical mineral and rare earths that you won’t know what to do with them,” Trump told reporters at the White House.
Trump was hosting Albanese this morning at the White House and the leaders signed the document before the media.
Albanese described the deal as an $8.5 billion pipeline “that we have ready to go.”
US and Australia sign critical minerals pact
Under the critical minerals pact, both the US and Australia will each invest $1billion over the next six months into mining and processing projects that will be available immediately, the prime minister’s office said.
The projects are 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 signaled support for an arrangement under a trilateral security partnership called “AUKUS” to sell Australia nuclear-powered submarines by 2032.
Australia would then build a new submarine class with the UK, according to the pact that was reached in 2023 under then-President Joe Biden.
Security experts and analysts closely followed the meeting to learn more on the AUKUS deal since there were fears that it could be scrapped.
“We have them moving very, very quickly,” Trump said, referring to the AUKUS deal, which would see Australia spend $239 billion on the submarines over three decades.
Trump tells Kevin Rudd he doesn’t like him and ‘probably never will’
In an awkward moment, Trump told Kevin Rudd, Australia’s Ambassador to the US, that he doesn’t like him and “probably never will.”
Trump was asked by an Australian reporter whether Rudd’s past comments about him impacted his views of the administration of Anthony Albanese.
“You said bad?” Trump asked Rudd.
“Before I took this position, Mr. President,” Rudd responded.
“I don’t like you either. And I probably never will,” Trump said.
Rudd had been critical of Trump on social media in 2020, describing him as the “most destructive president in history.” Rudd has since deleted the posts.
Edited by: Saim Dušan Inayatullah
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