President Donald Trump and Australian Prime Minister Anthony Albanese signed a landmark agreement focused on Australia’s rare earth minerals.
The deal comes amid China’s tightening of rare earth export controls, which led Trump to announce an additional 100% tariff on Chinese imports starting 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.
This morning at the White House, Trump welcomed Albanese, and the two leaders formally signed the agreement in front of reporters.
Albanese called the deal an $8.5 billion pipeline “that we have ready to go.”
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As part of the critical minerals’ agreement, the United States and Australia have committed to investing $1 billion each over the coming six months. These funds are earmarked for mining and processing projects that can be put into operation without delay, the prime minister’s office said, signaling a push to secure a steady supply of essential minerals amid growing global demand and supply chain concerns.
The initiatives are organized into three categories: collaborative ventures between the U.S. and Australia, projects carried out solely in Australia, and joint efforts involving the U.S., Australia, and Japan.
Trump also expressed backing for a plan under the trilateral security partnership “AUKUS” to provide Australia with nuclear-powered submarines by 2032. Under the agreement, Australia would work with the United Kingdom to develop a new class of submarines, a pact initially reached in 2023 during then-President Joe Biden’s administration. Security experts and analysts were closely watching the meeting, eager for updates on the AUKUS arrangement, amid concerns that the deal might face cancellation or delays.
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Trump highlighted the pace of progress on the AUKUS agreement, saying, “We have them moving very, very quickly.” The deal envisions Australia investing $239 billion in the submarines over the next 30 years.
In an uncomfortable exchange, Trump addressed Kevin Rudd, Australia’s ambassador to the U.S. and a former prime minister, telling him that he doesn’t like him and “probably never will.”
During a press interaction, an Australian reporter asked Trump if Kevin Rudd’s previous remarks about him had influenced his opinion of Anthony Albanese’s administration, putting the president on the spot in front of the media.
Trump turned to Rudd during the exchange, asking, “You said bad?” Rudd, seated across from Trump and his team in the Cabinet Room as part of the Australian delegation, replied, “Before I took this position, Mr. President.” Trump responded bluntly, “I don’t like you either. And I probably never will.”
Rudd had publicly criticized Trump on social media in 2020, calling him the “most destructive president in history.” He has since removed those posts.