Trump signs rare earths deal with Australian prime minister as a way to counter China Politics Oct 20, 2025 5:04 PM EDT

WASHINGTON (AP) — 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.

“In about a year from now we’ll have so much critical mineral and rare earth that you won’t know what to do with them,” said Trump, a Republican, boasting about the deal. “They’ll be worth $2.”

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