President Trump closes billion-dollar deals with Australia

President Trump and Australian Prime Minister Anthony Albanese signed a Critical Minerals Framework “to unleash the potential of our abundant natural resources-a model for supply-chain cooperation globally,” according to a White House statement. The U.S. and Australian governments intend to invest more than $3B together in critical mineral projects in the next six months, with recoverable resources in the projects estimated to be worth $53B. The Export-Import Bank of the United States is issuing seven Letters of Interest for more than $2.2B in financing, unlocking up to $5B of total investment, to advance minerals and supply-chain security projects. The U.S. Department of War will invest in the construction of a 100 metric ton-per-year advanced gallium refinery in Western Australia. Australia agreed to purchase $1.2B in Anduril unmanned underwater vehicles and take delivery of the first tranche of Apache helicopters in a separate $2.6B deal. Australia’s superannuation funds will increase investments in the United States to $1.44 trillion by 2035 – an increase of almost $1 trillion from current levels. The United States and Australia agreed to develop and launch a bilateral Technology Prosperity Deal to establish joint initiatives to cooperate and invest in AI, quantum, and other critical technologies.