Prime Minister Anthony Albanese and US President Donald Trump have signed an $US8.5 billion ($13 billion) critical minerals and rare earths agreement in a move to break China's stranglehold on the market.

The US–Australia Critical Minerals Framework puts rare earths squarely at the forefront of the Australian-US relationship, with Albanese saying there is a "pipeline that we have ready to go".

The deal will kick off with both countries paying $US1 billion over the next six months for new projects.

Trump was delighted in securing the agreement with Australia. China earlier this month ramped up restrictions on its rare earth exports. That didn't sit well with the US president, who threatened to call off an upcoming meeting with his Chinese counterpart, Xi Jinping.

"We work togeth

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