The United States and Australia have signed a critical minerals agreement, days after China announced new export controls on rare earth minerals, magnets and other products.

President Donald Trump hosted Australia’s Prime Minister Anthony Albanese at the White House on Monday, where both leaders signed the mineral deal.

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“We work together very much on rare earths, critical minerals and lots of other things, and we’ve had a very good relationship. We’ve been working on that for quite a while. In about a year from now, we’ll have so much critical mineral and rare earths that you won’t know what to do with them. They’ll be worth $2 billion.” he added.

The Australian Prime Minister also lauded the minerals agreement, saying it will take the bilateral relationship to the “next

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