President Donald Trump and Australian Prime Minister Anthony Albanese signed a critical minerals deal Monday at the White House, making good on U.S. interest in Australia’s rich rare-earth resources as a potential counterpoint to China’s new minerals export restrictions.

The two leaders described the agreement as an $8.5 billion deal between the allies. Trump said it had been negotiated over several months.

It follows Beijing’s new requirement for foreign companies to get approval from the Chinese government to export magnets containing even trace amounts of rare earth materials that originated from China, or were produced with Chinese technology.

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