Deal with Australia and $150bn ‘meaty project’: How Trump is countering Xi on rare earths

US President Donald Trump is turning to allies and private capital to secure America’s supply of critical minerals, including rare earths, as tensions with China escalate. On Monday, Trump and Australian Prime Minister Anthony Albanese signed a landmark $8.5 billion agreement at the White House aimed at boosting rare earth production and protecting the US from Chinese dominance in the sector. “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. They’ll be worth $2,” Trump said, boasting about the agreement. Albanese added that the deal takes the US-Australia relationship “to the next level.” The pact comes after Beijing announced tighter rules requiring foreign companies to seek Chinese approval before exporting magnets