US and Australia Strike $8.5 Billion Deal to Counter China's Grip on Rare Earths. The US and Australia have signed a major new agreement to boost the supply of rare earths and other critical minerals — a move aimed at reducing reliance on China's dominance of the market. Australian Prime Minister Anthony Albanese said the deal would unlock around $8.5 billion worth of ready-to-go mining and processing projects, including $1 billion in joint investments over the next six months. President Donald Trump called the partnership a "next-level" step in securing Western supply chains, and reaffirmed that the separate AUKUS submarine deal with Australia is "full steam ahead.” China currently controls about 70% of rare earth mining and 90% of processing, vital for technologies from defense systems to electric cars. The deal marks a key effort by Washington and Canberra to tighten cooperation and cut Beijing's leverage over global mineral supplies. Instructions: THIS VIDEO MUST NOT BE EDITED FOR LENGTH TO COMBINE WITH OTHER CONTENT