Trump, Albanese seal rare earths deal, fast-track AUKUS subs

US President Donald Trump confirmed Australia will receive nuclear-powered attack submarines as part of a defense agreement reached Monday with Prime Minister Anthony Albanese. The leaders finalized an $8.5 billion deal focused on rare earth minerals and critical resources essential for technology manufacturing. Both governments pledged over $1 billion each within six months to develop Australian mineral projects.

The AUKUS submarine program could cost Australia up to $235 billion across three decades and grant technology for future vessel construction. Trump stated the Virginia-class submarines are progressing well after his administration reviewed the 2021 deal signed under former President Joe Biden. Australia views these vessels as vital for enhancing Pacific military capabilities amid concerns about Chinese expansion.

The mineral partnership addresses China’s dominance in rare earth supplies used for semiconductors, electric vehicles and defense equipment. Australia holds significant deposits of lithium, cobalt and other strategic materials. Trump recently threatened 100 percent tariffs against China over export restrictions on rare earth elements.

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