US President Donald Trump and Japanese Prime Minister Sanae Takaichi have signed a framework agreement for the supply of critical minerals and rare earths through mining and processing.
The agreement was signed during Mr Trump's visit to Japan, as part of his wider trip across Asia.
Under the agreement, the two countries are “intensifying their co-operative efforts to accelerate the secure supply of critical minerals and rare earths necessary to support domestic industries”, the White House said in a statement.
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Japan's new Prime Minister Sanae Takaichi and US President Donald Trump on board the USS George Washington aircraft carrier at the US naval base in Yokosuka, central Japan. AFP -
Mr Trump does a dance as he leaves after delivering a speech to US Navy personnel on board the USS George Washington. AFP -
Mr Trump and Ms Takaichi aboard USS George Washington. The US leader said: 'We are an ally at the strongest level'. Getty Images -
Mr Trump and Ms Takaichi a signing ceremony at Akasaka Palace in Tokyo. The US leader complimented his Japanese counterpart on 'a very strong handshake'. AP -
Mr Trump dancing after delivering a speech on board the US Navy's USS George Washington in Yokosuka. Earlier in his Asia tour, he also danced in Malaysia. AFP -
Ms Takaichi and Mr Trump aboard the USS George Washington. The US leader said that 'we’re going to do tremendous trade together, I think, more than ever before'. Reuters -
Mr Trump said Ms Takaichi's role as Japan’s first woman prime minister was a 'big deal'. Reuters -
Ms Takaichi and Mr Trump at a signing ceremony at Akasaka Palace in Tokyo. They signed a framework agreement for the supply of critical minerals and rare earths through mining and processing. AFP -
As a new prime minister, Ms Takaichi will aim to solidify her relationship with Mr Trump while defending her country’s economic interests. AFP -
Ms Takaichi ushers Mr Trump as they review a guard of honour at Akasaka Palace in Tokyo. AP
That will be done by using financial support mechanisms, trade measures and critical minerals stockpiling systems, the countries said.
Within six months, the two countries also intend to take measures to “provide financial support to selected projects” to generate end product for delivery to buyers in the US and Japan and “like-minded countries”, the White House said.
“I want to just let you know anytime you have any question, any doubt, anything you want, any favours you need, anything I can do to help Japan, we will be there,” Mr Trump said during the visit. “We are an ally at the strongest level.”
The two leaders also signed documents to formalise some elements of their trade deal.
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US President Donald Trump disembarks from his Air Force One flight on arrival at Kuala Lumpur International Airport to attend the 47th Association of Southeast Asian Nations (Asean) summit in the Malaysian capital. AP -
US President Donald Trump with Malaysia's Prime Minister Anwar Ibrahim at Kuala Lumpur International Airport. The US President arrived in Malaysia on October 26 on the first leg of an Asian tour that will include trade talks with Chinese President Xi Jinping. AFP -
US President Donald Trump with Anwar Ibrahim, Malaysia's Prime Minister, after arriving at Kuala Lumpur International Airport in Malaysia. Bloomberg -
A flag-waving reception for US President Donald Trump at Kuala Lumpur International Airport in Malaysia. Bloomberg -
US President Donald Trump waves from his official vehicle as he heads to attend the 47th Asean summit in Kuala Lumpur, Malaysia. Reuters -
A Royal Malaysian Air Force F-18 Hornet fighter jet escorts Air Force One with US President Donald Trump aboard en route to Kuala Lumpur International Airport in Malaysia. Getty Images
“We’re going to do tremendous trade together, I think, more than ever before,” Mr Trump said, adding that he hoped the US-Japan relationship would be “stronger than ever before”.
Critical minerals are vital to several major industries. Minerals such as copper, lithium, nickel, cobalt and rare earth elements are important for products including wind turbines, electricity networks and electric vehicles.
China, which processes more than 90 per cent of the world's rare earths, has recently expanded export curbs and tightened oversight of foreign producers that rely on Chinese materials.
The US, which has one operational rare earth mine, is seeking to secure minerals vital for electric vehicles, defence systems and advanced manufacturing.
Mr Trump also plans to meet Chinese President Xi Jinping on Thursday.
The US and Japan plan to secure their critical minerals and rare earths supply chains by “addressing non-market policies and unfair trade practices”, the White House said.
Under the agreement, the two countries will also take measures to accelerate, streamline, or deregulate permitting timelines and processes, including for permits for critical minerals and rare earths mining, separation, and processing.
They plan to establish marketplaces that reflect the costs of responsible extraction, processing, and trade of critical minerals and rare earths, and pricing measures to support alternative projects.
The countries also plan to co-operate in mapping mineral resources in the US and Japan and consider a mutually complementary stockpiling arrangement.
They are setting up a US-Japan critical minerals supply security rapid response group under the leadership of the US Secretary of Energy and the Japanese Minister of Economy, Trade, and Industry. The group will identify priority minerals and supply vulnerabilities, and develop a plan to accelerate delivery of processed minerals.
With inputs from Reuters and Bloomberg
