President Donald Trump and Australian Prime Minister Anthony Albanese signed a critical-minerals deal at the White House on Monday as the U.S. eyes the continent’s rich rare-earth resources when China is imposing tougher rules on exporting its own critical minerals abroad.

The two leaders described the agreement as an $8.5 billion deal between the allies. Trump said it had been negotiated over several months.

“Today’s agreement on critical minerals and rare earths, is just taking” the U.S. and Australia’s relationship “to the next level,” Albanese added.

This month, Beijing announced that it will require foreign companies to get approval from the Chinese government to export magnets containing even trace amounts of rare-earth materials that originated from China or were produced with Ch

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