US, Australia Announce $8.5B Minerals Deal, Tariff Threat

President Trump and Australian Prime Minister Anthony Albanese signed a framework to accelerate critical-minerals and rare-earth projects, pledging up to $8.5 billion and announcing an immediate $3 billion infusion to expand mining, processing and refining capacity outside China. U.S. and Australian officials said the package will mobilize government and private support to weaken Beijing’s near-monopoly on refining, though analysts and Chinese media warned it will not quickly dislodge China because advanced refining technology remains a constraint. Trump strongly endorsed a Biden-era plan to sell nuclear-powered submarines to Australia, saying the program is being expedited. At the White House, a reporter raised past criticisms by Australia's ambassador Kevin Rudd, prompting an awkward exchange in which Trump told Rudd, “I don’t like you either,” a moment Australian officials later sought to downplay. Trump also threatened steep tariffs on goods containing rare-earth elements if Beijing’s controls persist.