President Donald Trump and Australian Prime Minister Anthony Albanese signed a critical minerals deal Monday at the White House, making good on U.S. interest in Australia’s rich rare-earth resources as a potential counterpoint to China’s new minerals export restrictions.

The deal follows Beijing’s new requirement for 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 Chinese technology.

Trump and Albanese signed the critical minerals deal, describing it is as an $8.5 billion deal between the allies.

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

Talks on trade and defense are also expected. Trump has not indicated publicly whether he’ll continue the AUKUS security pact with Australia, the U.S. and the United Kingdom that was signed during the Biden administration.