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 two leaders described the agreement as an $8.5 billion deal between the allies. Trump said it had been negotiated over several months.
It 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.
Other news we’re following:
Special envoy visits Israel: Special envoy Steve Witkoff and Trump’s son-in-law Jared Kushner are in Israel Monday to shore up the tenuous ceasefire that’s holding in Gaza, a day after the fragile deal faced its first major flareup with Israel threatening to halt aid transfers after it said Hamas militants had killed two soldiers.Tariffs on Colombia: The U.S. will slash assistance to Colombia and enact tariffs on its exports because the country’s leader, Gustavo Petro, “does nothing to stop” drug production, Trump said Sunday, escalating the friction between Washington and one of its closest allies in Latin America.Beef from Argentina: Trump said Sunday that the U.S. could purchase Argentine beef in an attempt to bring down prices for American consumers. Trump promised earlier to address the issue to help keep inflation in check, as beef prices have been stubbornly high. Trump has been working to help Argentina bolster its collapsing currency.