Trump is trying to break China’s monopoly on rare earths, but can’t cut deals fast enough to catch up

President Donald Trump, right, and Australian Prime Minister Anthony Albanese during a meeting at the White House in Washington, DC, on October 20, 2025. Evan Vucci/AP

As Beijing weaponizes its dominance over rare earths supplies, US President Donald Trump is cutting deals to try to break the stranglehold. But his claim that America will have an abundance of the critical minerals in just one year’s time may be a fantasy.

“In about a year from now, we’ll have so much critical mineral and rare earths, and you won’t know what to do with them,” Trump said Monday, after unveiling a $8.5 billion agreement to help Australia develop rare earths projects and secure United States access to those elements.

China controls more than 90% of the global output of refined rare earths, which are used t