U.S. and Australia sign critical minerals agreement

President Donald Trump and Australian Prime Minister Anthony Albanese signed an agreement on critical minerals on Monday that includes plans for projects worth up to $8.5 billion.

“In the next six months, $1 billion will be contributed from Australia and the United States with projects that will be available immediately,” Albanese told reporters at a meeting with Trump at the White House. he said.

Albanese said there will be three groups of joint projects between the two countries, involving the following companies: alcoa. The Prime Minister said the US will invest in rare earth processing in Australia. He said one of the projects was a joint venture between Australia, the United States and Japan.

“What we are trying to do here is to take advantage of the opportunities that are available,” Albanese told reporters. he said.

China dominates the global rare earth supply chain, particularly refining and processing. The US is dependent on Beijing for rare earth imports.

China announced strict export controls on rare earths earlier this month, pushing Beijing and Washington to the brink of a renewed trade war. Trump has threatened to impose 100% tariffs on Chinese goods starting November 1 or sooner if Beijing does not back down.

“They threatened us with rare earths, I threatened them with tariffs, but I can also threaten them with a lot of other things, like airplanes,” Trump told reporters.

Trump confirmed he will meet with Chinese President Xi Jinping in South Korea later this month. The US president said he will visit China early next year.

“We had presidents who let China and other countries get away with murder,” Trump said. “We won’t allow that, but we will make a fair deal. I want to be good to China. I love my relationship with President Xi. We have a great relationship.”