U.S. President Donald Trump and Australian Prime Minister Anthony Albanese signed an $8.5 billion critical minerals agreement at the White House on Monday, marking a major step in efforts to diversify global supply chains and reduce reliance on China.

The pact underscores Washington’s growing interest in Australia’s abundant rare earth and critical mineral resources, as Beijing tightens export controls on materials vital for clean energy and high-tech manufacturing.

Trump said the deal, negotiated over several months, reflects the deep strategic partnership between the two allies and their shared commitment to strengthening economic and resource security.