Trump, Japan PM Sanae Takaichi agree on rare earth, critical minerals supply
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US President Donald Trump and Japanese Prime Minister Sanae Takaichi holding up signed documents for a critical mineral and rare earth deal during a meeting on Oct 28 in Tokyo.
PHOTO: AFP
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TOKYO – Japanese Prime Minister Sanae Takaichi and US President Donald Trump on Oct 28 signed a framework agreement for securing the supply of critical minerals and rare earths through mining and processing, the White House said in a statement.
The agreement was signed during Mr Trump’s visit to Japan, part of his wider Asia trip, as both countries are looking to strengthen their rare earth supply chains used everywhere from renewable energy to electronics and cars.
The US and Japan plan to cooperate through the use of economic policy tools and coordinated investment to accelerate the development of diversified, liquid and fair markets for critical minerals and rare earths, the statement said.
China processes more than 90 per cent of the world’s rare earths and has recently expanded export curbs, including new elements on its control list and tightened oversight of foreign producers that rely on Chinese materials.
The US, by contrast, has one operational rare earth mine and is racing to secure minerals vital for electric vehicles, defence systems and advanced manufacturing.
Mr Trump plans to meet Chinese President Xi Jinping on Oct 30.
As part of their deal, the US and Japan agreed to streamline and deregulate permit timelines and processes for critical minerals and rare earths, as well as address non-market policies and unfair trade practices.
Both countries will consider a mutually complementary stockpiling arrangement and will cooperate with other international partners to ensure supply chain security, the White House statement added. REUTERS
