Trump, Australia’s Albanese Sign Critical Minerals Agreement to Counter China 

President Donald Trump, right, shakes the hand of Australian Prime Minister Anthony Albanese during a meeting in the Cabinet Room of the White House, Monday, October 20, 2025, in Washington. (AP)
President Donald Trump, right, shakes the hand of Australian Prime Minister Anthony Albanese during a meeting in the Cabinet Room of the White House, Monday, October 20, 2025, in Washington. (AP)
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Trump, Australia’s Albanese Sign Critical Minerals Agreement to Counter China 

President Donald Trump, right, shakes the hand of Australian Prime Minister Anthony Albanese during a meeting in the Cabinet Room of the White House, Monday, October 20, 2025, in Washington. (AP)
President Donald Trump, right, shakes the hand of Australian Prime Minister Anthony Albanese during a meeting in the Cabinet Room of the White House, Monday, October 20, 2025, in Washington. (AP)

US President Donald Trump and Australian Prime Minister Anthony Albanese signed a critical minerals agreement aimed at countering China on Monday at a meeting marked by Trump's jab at Australia's envoy to the United States over past criticism.

China loomed large at the first White House summit between Trump and Albanese, with the US president also backing a strategic nuclear-powered submarine deal with Australia to bolster security in the Indo-Pacific.

While Trump and Albanese greeted each other warmly, the US president expressed ire about past criticism of him by Australia's US ambassador Kevin Rudd, a former prime minister. Rudd in 2020 called Trump "the most destructive president in history," later deleting the comment from social media.

Trump said he was not aware of the critical comments and asked where the envoy was now. Upon seeing him across the table, Trump said, "I don't like you either, and I probably never will."

The visit otherwise appeared to go smoothly, with Albanese and Trump signing a minerals deal that Trump said had been negotiated in recent months. Albanese described it as an $8.5 billion pipeline "that we have ready to go."

A copy of the agreement released by both governments said the two countries will each invest $1 billion over the next six months into mining and processing projects as well as set a minimum price floor for critical minerals, a move that Western miners have long sought.

A White House statement on the agreement added that the investments would target deposits of critical minerals worth $53 billion, although it did not provide details on which types or locations.

"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," Trump told reporters.

EXIM ANNOUNCES OVER $2.2 BILLION IN INVESTMENTS

The US Export-Import Bank, which acts as the US government's export credit agency, later announced seven letters of interest totaling more than $2.2 billion to advance critical minerals projects in Australia. It said the letters went to Arafura Rare Earths, Northern Minerals, Graphinex, Latrobe Magnesium, VHM, RZ Resources, and Sunrise Energy Metals.

EXIM said the projects span a range of critical minerals essential to advanced defense systems, aerospace components, communications equipment, and next-generation industrial technologies.

The investments would help support the re-industrialization of America’s high-tech manufacturing base, while helping to "counter China's export dominance and ensure Western supply-chain resilience," it said.

Additionally, the Pentagon plans to build a gallium refinery in Western Australia. China blocked gallium exports to the United States last December.

The United States has been looking to boost its access to critical minerals around the world as China takes steps to strengthen control over global supply. Trade tensions between the United States and China have escalated ahead of Trump's meeting with Chinese President Xi Jinping in South Korea next week.

The term critical minerals applies to a range of minerals, including rare earths, lithium and nickel.

China has the world's largest rare earths reserves, according to US Geological Survey data, but Australia also has significant reserves. The minerals are used for products ranging from electric vehicles to aircraft engines and military radars.

TRUMP SIGNALS SUPPORT FOR SUBMARINE DEAL

Albanese got welcome support from Trump for the A$368 billion ($239.46 billion) AUKUS agreement, reached in 2023 under then-President Joe Biden. Under the deal, Australia is to buy US nuclear-powered submarines in 2032 before building a new submarine class with Britain.

While Trump has been eager to roll back Biden-era policies, he signaled his intent to back the AUKUS submarine agreement, months after his team launched a review of the deal over concerns about the ability of the United States to meet its own submarine needs.

Navy Secretary John Phelan told the meeting the United States and Australia were working closely to improve the original AUKUS framework for all three parties "and clarify some of the ambiguity that was in the prior agreement."

Trump said these were "just minor details," adding that "there shouldn't be any more clarifications, because we're just - we're just going now full steam ahead, building."

Ahead of Monday's meeting, Australian officials emphasized that their country is paying its way under AUKUS, contributing $2 billion this year to boost production rates at US submarine shipyards, and preparing to maintain US Virginia-class submarines at its Indian Ocean naval base from 2027.

The delay of 10 months in an official meeting since Trump took office had caused some anxiety in Australia as the Pentagon urged the Australian government to increase defense spending. The two leaders met briefly on the sidelines of the United Nations General Assembly in New York last month.

The rare earths agreement came a week after US officials condemned China's expansion of rare earth export controls as a threat to global supply chains.

Resource-rich Australia, wanting to extract and process rare earths, put preferential access to its strategic reserve on the table in US trade negotiations in April.

As part of the rare earths agreement, Trump and Albanese agreed to cut permitting for mines, processing facilities and related operations in order to boost production.

The deal called for cooperation on the mapping of geological resources, minerals recycling and efforts to stop the sale of critical minerals assets "on national security grounds."

This was an oblique reference to China, which has bought major mining assets across the planet in the past decade, including the world's largest cobalt mine in Congo, from US-based Freeport-McMoRan in 2016.



Supertanker with Iraqi Oil Heads for Vietnam After Hold-up in US Blockade

Tankers are seen off the coast of the Fujairah, as Iran vows to close the Strait of Hormuz, amid the US-Israel conflict with Iran, in Fujairah, United Arab Emirates, March 3, 2026. (Reuters)
Tankers are seen off the coast of the Fujairah, as Iran vows to close the Strait of Hormuz, amid the US-Israel conflict with Iran, in Fujairah, United Arab Emirates, March 3, 2026. (Reuters)
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Supertanker with Iraqi Oil Heads for Vietnam After Hold-up in US Blockade

Tankers are seen off the coast of the Fujairah, as Iran vows to close the Strait of Hormuz, amid the US-Israel conflict with Iran, in Fujairah, United Arab Emirates, March 3, 2026. (Reuters)
Tankers are seen off the coast of the Fujairah, as Iran vows to close the Strait of Hormuz, amid the US-Israel conflict with Iran, in Fujairah, United Arab Emirates, March 3, 2026. (Reuters)

Supertanker Agios Fanourios I is heading for Vietnam to discharge its Iraqi crude oil cargo after it was held by the US Navy for five days in the Gulf of Oman, the vessel's manager said on Monday.

The Maltese-flagged Very Large Crude Carrier sailed out of the Strait of Hormuz on May 10 and was sailing in the Gulf of Oman before making a ‌U-turn on ‌May 11.

It resumed its journey ‌toward ⁠Vietnam on May 16 ⁠and is expected to arrive at the Nghi Son refinery on May 30, LSEG shipping data showed.

A VLCC can carry a maximum of two million barrels of oil.

A source at the vessel's Athens-based manager Eastern Mediterranean Maritime, who spoke on condition of ⁠anonymity, confirmed that the tanker was sailing ‌on to Vietnam after ‌it had received US Navy approval.

The US military's Central Command ‌said last week that the vessel was redirected as ‌part of ongoing enforcement of the blockade against Iran.

At least two other crude tankers sailed from the strait last week, but overall crude traffic through the strait has ‌remained limited.

Before the war on Iran began, the Strait of Hormuz was the conduit ⁠for 20% ⁠of the world's energy supplies, equating to 125 to 140 daily passages.

"Shipping confidence around Hormuz is still very weak," ship broker Clarksons said in a note on Monday.

A further 12 ships crossed the strait in the past 24 hours, including two liquefied petroleum gas tankers bound for India, according to satellite analysis from data analytics specialists SynMax.

A separate LPG tanker was sailing through the strait on Monday also bound for India, data on the MarineTraffic platform showed.


Asian Markets Cautious, Oil Dips after Trump Holds Off on Iran Attack

Vessels are seen anchored in the Strait of Hormuz, off the port city of Khasab on Oman's northern Musandam Peninsula on May 17, 2026. AFP
Vessels are seen anchored in the Strait of Hormuz, off the port city of Khasab on Oman's northern Musandam Peninsula on May 17, 2026. AFP
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Asian Markets Cautious, Oil Dips after Trump Holds Off on Iran Attack

Vessels are seen anchored in the Strait of Hormuz, off the port city of Khasab on Oman's northern Musandam Peninsula on May 17, 2026. AFP
Vessels are seen anchored in the Strait of Hormuz, off the port city of Khasab on Oman's northern Musandam Peninsula on May 17, 2026. AFP

Asian markets were mixed Tuesday as oil prices eased on hopes of a US-Iran deal, though elevated crude levels capped investor appetite for risk.

Energy markets held center stage after US President Donald Trump signaled "serious negotiations" with Tehran and called off planned strikes, boosting optimism that tensions could.

The war the United States and Israel launched February 28 has led to an effective blockade of the Strait of Hormuz, through which around 20 percent of global oil exports passed in peacetime.

The leaders of Qatar, Saudi Arabia and the United Arab Emirates asked him "to hold off on our planned Military attack of the Islamic Republic of Iran, which was scheduled for tomorrow, in that serious negotiations are now taking place", Trump wrote on his Truth Social platform.

But Trump added that he instructed the US military to be "prepared to go forward with a full, large scale assault of Iran, on a moment's notice, in the event that an acceptable Deal is not reached".

Speaking later at a White House event, Trump said there had been a "very positive development" and that Arab allies said a deal was near that would leave Iran without nuclear weapons, which Tehran denies pursuing.

"There seems to be a very good chance that they can work something out. If we can do that without bombing the hell out of them, I'd be very happy," Trump said.

However, he also warned the United States was prepared to launch a "full, large-scale assault" if negotiations collapse, underscoring the fragility of the situation.

Oil dipped on the prospect of diplomacy, but the move offered only limited relief after weeks of volatility driven by the Middle East conflict.

International benchmark Brent was hovering around $109 while West Texas Intermediate at $107.

Equity performance wavered.

Tokyo's Nikkei 225 opened lower, with local jitters offset by local resilience. Japan's gross domestic product expanded 0.5 percent in the first quarter, exceeding market forecasts of 0.4 percent.

Seoul's Kospi slid by more than four percent, with tech stocks losing ground after taking their lead from Wall Street. Shanghai, Taipei and Jakarta also slid.

Hong Kong, Sydney and Wellington were ahead.

Safe-haven demand was higher, with both gold and silver edging up, suggesting investors remain wary.

All eyes are on Wednesday's quarterly results from US chip titan Nvidia, which will be scrutinized as investors question whether huge spending on AI data centers is justified by potential returns.


Australia Secures Jet Fuel from China to Keep Flying in Energy Squeeze

 13 May 2026, Australia, Canberra: Australian Prime Minister Anthony Albanese is interviewed on morning television after delivering the 2026-27 Federal Budget in the House of Representatives at Parliament House in Canberra. (dpa)
13 May 2026, Australia, Canberra: Australian Prime Minister Anthony Albanese is interviewed on morning television after delivering the 2026-27 Federal Budget in the House of Representatives at Parliament House in Canberra. (dpa)
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Australia Secures Jet Fuel from China to Keep Flying in Energy Squeeze

 13 May 2026, Australia, Canberra: Australian Prime Minister Anthony Albanese is interviewed on morning television after delivering the 2026-27 Federal Budget in the House of Representatives at Parliament House in Canberra. (dpa)
13 May 2026, Australia, Canberra: Australian Prime Minister Anthony Albanese is interviewed on morning television after delivering the 2026-27 Federal Budget in the House of Representatives at Parliament House in Canberra. (dpa)

Australia has secured three shipments of jet fuel from China totaling 600,000 barrels, Prime Minister Anthony Albanese said Tuesday, doubling the national supply.

The Middle East conflict and closure of the Strait of Hormuz have caused fuel prices to soar and left many Asia-Pacific nations facing an energy crisis.

Tourism and freight exports in the island continent are reliant on air travel, a sector heavily impacted by the climbing prices.

The jet fuel shipments are expected to arrive in June and follow talks between Albanese and Chinese Premier Li Qiang on energy security last month.

China supplied a third of Australia's aviation fuel last year and is a major importer of Australian iron ore, coal and liquefied natural gas (LNG).

Canberra has highlighted to Beijing that jet fuel supports the Australian resources sector, officials said.

Australia's Trade Minister Don Farrell is expected to meet his Chinese counterpart Wang Wentao in Suzhou this week on the sidelines of an APEC trade ministers meeting in the Chinese city.

Trade between Australia and China reached Au$326 billion ($233 billion) last year, dominated by Australian commodities exports.

Farrell is expected to arrive in Tokyo on Tuesday, to discuss energy security and trade.

Japan is another major buyer of Australian LNG and coal.

Australia said this month it will reserve the equivalent of 20 percent of gas exports for the domestic market to avoid supply shortfalls.