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Business: US President Donald Trump and Australian Prime Minister Anthony Albanese signed the Critical Minerals Deal after a bilateral meeting. This $8.5 billion agreement was reached after the meeting held at the White House on Monday. Under this, America will be able to access Australia’s rare mineral resources more easily. This step has been taken at a time when China has imposed strict controls on the export of its rare earth minerals. Due to this policy, there is a possibility of increasing tension between China and America.
After this agreement, US-Australia relations will reach a ‘new height’
After the agreement with Australia, Trump said, in about a year we will have so many critical minerals that we will not know what to do with them. They will be worth only two dollars. He told that this agreement with Australia has been reached after several months of negotiations. Prime Minister Albanese said the agreement would take US-Australia relations to ‘new heights’. Let us tell you that this agreement will give new strength to the US-Australia partnership on both economic and strategic fronts. Its purpose is to limit the growing influence of China.
Australia will help America in reducing Chinese control
It is noteworthy that according to the recently issued order of the Chinese government, any foreign company will be able to export magnets containing rare-earth material extracted from China or manufactured with Chinese technology only if it gets the permission of the government. On this aspect, White House Economic Council Director Kevin Hassett said that by adopting such a policy, China wants to take control of the global technological supply chain. He said Australia, with its rich mining economy and resources, would play a key role in weakening these controls.
China is a control-based economy
According to experts, America has made this agreement with Australia so that it can try to balance China’s economic dominance strategy with its allies. In this matter, US Treasury Secretary Scott Besant said, ‘China is a control-based economy. America and its allied countries or parties will not be under anyone’s control.
This agreement will increase cooperation between America, Australia and Britain
According to the report, the AUKUS security agreement was also discussed in the meeting of the Australian and American heads of state. Regarding AUKUS, the defense alliance formed between America, Australia and Britain, Trump said that it is now progressing rapidly and successfully. Albanese described this agreement with America as very important for Australia’s security policy. US Navy Secretary John Phelan said about this deal, America wants to make this defense structure more effective so that all three countries can get equal benefits.
What is the policy of the Australian government?
It is also interesting that Albanese took over as Prime Minister again in May this year. In his victory speech after the election victory, he had said that his party had won without imitating ‘Trumpism’. Regarding policies to face global challenges, he said that he wants to face the challenges in the Australian way. That means, their priority will be to focus on collectivism and future building.
