Treasurer lays groundwork for ‘golden’ US minerals deal
Australia’s treasurer has touted the “golden opportunity” of a critical minerals deal with the US as he paved the way for a key meeting between the prime minister and Donald Trump.
Jim Chalmers held talks with key US officials ahead of Anthony Albanese’s visit to Washington for his first face-to-face bilateral meeting with the US president.
Australia is pushing for a deal with the United States on the supply of critical minerals in the hope it could be used to reduce tariffs imposed by the Trump administration.
“We will make sure we make the most of this absolutely golden opportunity for Australia with critical minerals,” Dr Chalmers told reporters in Washington on Friday (AEDT).
“This is a time of great uncertainty, a time of great opportunity for Australia. We have most of the things the world wants.”
The issue is also planned to be brought up in one-on-one meetings between the treasurer and US national economic chief Kevin Hassett.
“Obviously Americans are interested in Australia’s critical minerals,” Dr Chalmers said.
“We see this as a major economic opportunity for Australia and our critical mineral industry.”
“Australia’s interests can be served by more trade, not more trade barriers.”
Australian exports have been penalized by the Trump administration with a minimum tariff of 10 percent, but officials are pushing for the trade barrier to be lifted entirely.
The Treasurer dismissed concerns that a critical mining deal with the US would come at the expense of unraveling relations with China, Australia’s biggest trading partner.
Mr. Trump recently said he would raise tariffs on Chinese exports to the United States to 100 percent in response to Beijing’s plans to limit shipments of critical minerals needed for technology production.
“It is well understood in Washington DC that Australia has put a lot of effort into stabilizing this important economic relationship with China,” Dr Chalmers said.
“It is also well understood here that we see this economic relationship in the United States as a mutually beneficial relationship.”
With the USA subjecting the submarine agreement to review, the AUKUS security pact is also on the agenda of the two leaders.
Defense Industry Minister Pat Conroy said that the agreement was warmly welcomed by US officials.
“At the congressional level, I have been meeting with senior leaders in Congress who have been heralding the importance of AUKUS and expressing real confidence that this will continue,” Mr. Conroy said.
“I also encountered real positivity in my meetings at the Pentagon regarding the same issue.”
Ahead of the leaders’ meeting at the White House, Opposition Leader Sussan Ley said concrete results should come from the discussion with Mr Trump.
He said concrete results were needed on the fate of the AUKUS agreement, tariffs on Australia and the Quad security partnership.
“When it comes to the Prime Minister stepping into the Oval Office, there’s only Team Australia. But it has to be more than a photo opportunity, Australians are counting on the Prime Minister to deliver that,” he said.
“The Prime Minister should not shy away from tough conversations on these issues and it is important that he defends our national interests.”
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