EconomyLens.com
No Result
View All Result
Monday, October 20, 2025
  • Home
  • Economy
  • Business
  • Markets
  • Tech
  • Editorials
EconomyLens.com
  • Home
  • Economy
  • Business
  • Markets
  • Tech
  • Editorials
No Result
View All Result
EconomyLens.com
No Result
View All Result
Home Economy

US, Australia sign rare earths deal as Trump promises submarines

Andrew Murphy by Andrew Murphy
October 20, 2025
in Economy
Reading Time: 7 mins read
A A
0
19
SHARES
235
VIEWS
Share on FacebookShare on Twitter

US President Donald Trump (R) speaks with Australia's Prime Minister Anthony Albanese in the Cabinet Room at the White House. ©AFP

Washington (AFP) – US President Donald Trump signed a deal on rare earth minerals Monday with Australian Prime Minister Anthony Albanese, and said Washington’s key ally would get its coveted nuclear-powered attack submarines. The two leaders met at the White House to concentrate on a pair of areas — defense and critical minerals — in which Washington and Canberra are cooperating against what they view as an increasingly assertive China.

Related

Crisis-hit Argentina inks $20 bn rescue with US

Brazil greenlights oil drilling in sensitive Amazon region

China’s economic growth slows amid sputtering domestic demand

China and US agree to fresh trade talks

Argentine peso drops against dollar despite US backing

Albanese said the rare earths deal would lead to $8.5 billion in critical minerals projects in Australia and take relations to the “next level.” The Australian premier has touted his country’s abundant critical minerals as a way to loosen China’s grip over global supplies of rare earths, which are vital for tech products. Australia sits on deposits of lithium, cobalt, and manganese as well as rare earth metals used in technologies from semiconductors to defense hardware, electric cars, and wind turbines.

The Australian government said it and the US government would each invest more than $1 billion over the next six months, while the White House put the figure at $3 billion between the two countries. Albanese had also been pushing for progress on the stalled 2021 AUKUS submarine deal between Australia, the United Kingdom, and the United States. Washington said earlier this year it was reviewing the deal for at least three Virginia-class nuclear attack subs signed under previous president Joe Biden, but Trump promised Australia would get them.

“The submarines that we’re starting to build for Australia are really moving along,” Trump told reporters as he sat alongside Albanese in the cabinet room of the White House. “We’ve worked on this long and hard, and we’re starting that process right now. And it’s really moving along very rapidly, very well.”

The AUKUS deal could cost Canberra up to US$235 billion over the next 30 years. It also includes the technology to build its own vessels in the future. Australia also had a major bust-up with France after it canceled a multi-billion-dollar deal to buy a fleet of diesel-powered submarines from Paris and go with the AUKUS program instead. The nuclear-powered vessels lie at the heart of Australia’s strategy of improving its long-range strike capabilities in the Pacific, particularly against China.

But the Trump administration said in June it had put AUKUS under review to ensure it aligned with his “America First agenda,” saying it needed to ensure the United States had enough of the subs. Albanese meanwhile managed to ride out an awkward confrontation between Trump and Australia’s ambassador to Washington — former prime minister Kevin Rudd. Rudd deleted a series of critical social media posts about Trump following the Republican’s election victory last year.

“I don’t like you either. I don’t. And I probably never will,” Trump said to Rudd when a reporter pointed out that the ex-premier was in the room and asked the US president whether he minded the comments. Australians have a mostly unfavorable view of the Trump administration, polling shows, though the country relies on the United States to balance China’s expanding military clout in the Pacific region.

China loomed large over both of the key issues in the talks. Australia has touted itself as a key US ally against China’s territorial assertiveness in the Asia-Pacific region, from Taiwan to the South China Sea. On China, Australia announced plans for a strategic reserve of critical minerals to provide to “key partners” such as Washington to help relax Beijing’s chokehold. Trump this month accused China of pressuring trade partners with new rare export curbs and threatened 100-percent tariffs in response.

© 2024 AFP

Tags: Chinadefenserare earth minerals
Share8Tweet5Share1Pin2Send
Previous Post

Crisis-hit Argentina inks $20 bn rescue with US

Andrew Murphy

Andrew Murphy

Related Posts

Economy

In Argentine farm town, Milei mania fizzles

October 19, 2025
Economy

US Fed official urges caution but says could back October cut

October 17, 2025
Economy

US Treasury chief to meet China counterpart as tensions flare

October 17, 2025
Economy

US puts plan to cut ship emissions in troubled waters

October 17, 2025
Economy

Maritime sector to decide on plan to cut emissions opposed by US

October 17, 2025
Economy

US budget deficit narrows just slightly despite tariff revenues

October 17, 2025
0 0 votes
Article Rating
Subscribe
Notify of
guest
guest
0 Comments
Oldest
Newest Most Voted
Inline Feedbacks
View all comments
  • Trending
  • Comments
  • Latest

New York ruling deals Trump business a major blow

September 30, 2024

Elon Musk’s X fights Australian watchdog over church stabbing posts

April 21, 2024

Women journalists bear the brunt of cyberbullying

April 22, 2024

France probes TotalEnergies over 2021 Mozambique attack

May 6, 2024

New York ruling deals Trump business a major blow

79

Ghanaian finance ministry warns against fallout from anti-LGBTQ law

74

Shady bleaching jabs fuel health fears, scams in W. Africa

71

Stock markets waver, oil prices edge up

65

Crisis-hit Argentina inks $20 bn rescue with US

October 20, 2025

Servers, software and data: how the cloud powers the web

October 20, 2025

Brazil greenlights oil drilling in sensitive Amazon region

October 20, 2025

US stocks rise to open big earnings week

October 20, 2025
EconomyLens Logo

We bring the world economy to you. Get the latest news and insights on the global economy, from trade and finance to technology and innovation.

Pages

  • Home
  • About Us
  • Privacy Policy
  • Contact Us

Categories

  • Business
  • Economy
  • Markets
  • Tech
  • Editorials

Network

  • Coolinarco.com
  • CasualSelf.com
  • Fit.CasualSelf.com
  • Sport.CasualSelf.com
  • SportBeep.com
  • MachinaSphere.com
  • MagnifyPost.com
  • TodayAiNews.com
  • VideosArena.com
© 2025 EconomyLens.com - Top economic news from around the world.
No Result
View All Result
  • Home
  • Economy
  • Business
  • Markets
  • Tech
  • Editorials

© 2024 EconomyLens.com - Top economic news from around the world.