US and Australia sign rare earths deal to counter China's dominance

The US and Australia signed a deal to boost rare earth supplies and counter China's market dominance. The $8.5bn agreement aims to enhance mining and processing abilities in Australia, with $1bn set for investments in US and Australian projects. This deal, part of efforts dating back to Trump's tenure, strengthens the partnership and aims to tackle China's control of rare earths, crucial for defense equipment, computer chips, and cars.