Overview
- Trump and Japanese Prime Minister Sanae Takaichi reached a preliminary rare-earths and critical minerals pact that outlines joint investments, reserve mapping, and mutual stockpiling.
- The administration signed MOUs with Malaysia and Thailand to develop their critical mineral supply chains, with provisions that could give U.S. firms preferential access.
- A separate U.S.–Australia deal commits $3 billion over six months to critical mineral projects, with the Pentagon backing an advanced gallium refinery in Western Australia, according to the White House.
- At home, the Defense Department became the largest shareholder in MP Materials and the administration has signaled a price floor for the sector, alongside broader public‑private efforts.
- Officials cite China’s control of most mining and nearly all refining and note U.S. dependence that exceeded 95% of rare earth imports in 2019–2022, underscoring the drive to diversify.