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President Trump and Australia's prime minister signed an agreement Monday to work together on rare earths and critical minerals. NPR White House correspondent Franco Ordoñez reports that Australia sees a chance to build ties with Trump, who is looking to rely less on China.
FRANCO ORDOÑEZ, BYLINE: Top Australian leaders arrived in Washington last week to lay the groundwork for a meeting between President Trump and the Australian prime minister. Their message? The U.S. should look to Australia and not China for one of the most important resources in modern technology.
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JIM CHALMERS: This is a time of great uncertainty. It's a time of great opportunity for Australia. We have so much of what the world wants when they want it.
ORDOÑEZ: That's Australian Treasurer Jim Chalmers speaking to reporters outside the White House. He called critical minerals the, quote, "golden opportunity" that Australia needed to make the most of.
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CHALMERS: When it comes to critical minerals, Australia has so much to offer the world. We know that American companies desperately need critical minerals, and Australia is very well-placed to service that need.
ORDOÑEZ: But it's China that dominates the market. And this month, Beijing announced new restrictions on its exports, raising concerns about the stability of global supply chains. These rare earths are key to the manufacture of so many modern goods, from cars to mobile phones. So by the time Chalmers' boss, Prime Minister Albanese, and Trump sat down, the $8.5 billion deal was basically done. All they had to do was sign.
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PRESIDENT DONALD TRUMP: 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 about $2.
ORDOÑEZ: Albanese said the deal brings the two allies closer together.
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PRIME MINISTER ANTHONY ALBANESE: Today's agreement on critical minerals and rare earths is just taking it to the next level.
ORDOÑEZ: The agreement includes joint projects and investments for Australia to boost processing of the key minerals and metals.
Franco Ordoñez, NPR News, the White House.
(SOUNDBITE OF STEVE CRADOCK'S "LAPIS LAZULI") Transcript provided by NPR, Copyright NPR.
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