Australia’s treasurer has touted the “golden opportunity” of a critical minerals deal with the US as he paves the way for a crucial meeting between the prime minister and Donald Trump.
Jim Chalmers held talks with key US officials while in Washington ahead of Anthony Albanese’s trip for his first in-person bilateral meeting with the US president.
Australia has been pushing for an agreement on the supply of critical minerals deal with the US in the hope it could be used to lower tariffs imposed by the Trump administration.
“We will make sure that we make the most of this absolutely golden opportunity for Australia, which is critical minerals,” Dr Chalmers told reporters in Washington on Friday (AEDT).
“This is a time of great uncertainty, it’s a time of great opportunity for Australia. We have so much of what the world wants.”
The topic is also set to be raised during one-on-one discussions between the treasurer and US national economic chair Kevin Hassett.
“Clearly, the Americans have an interest in Australian critical minerals,” Dr Chalmers said.
“We see this as a huge economic opportunity for Australia and our critical minerals industry.”
“Australia’s interests are best served by more trade, not by more trade barriers.”
Australian exports have been slapped with the lowest tariff rate of 10 per cent by the Trump administration, but officials have been pushing for the total removal of the trade barrier.
The treasurer dismissed concerns a critical minerals deal with the US would come at the expense of thawing relations with China, Australia’s largest trading partner.
Mr Trump recently said he would lift tariffs on Chinese exports to the US to 100 per cent in response to plans by Beijing to limit shipments of critical minerals that were essential for tech manufacturing.
“It’s well understood here in Washington DC that Australia’s put a lot of effort into stabilising that key economic relationship with China,” Dr Chalmers said.
“It’s also well understood here that we see this economic relationship as one of mutual benefit in the United States.”
The AUKUS security pact is also set for the agenda between the two leaders, with the US subjecting the submarine deal to a review.
Defence Industry Minister Pat Conroy said there had been a warm reception by US officials to the agreement.
“At a congressional level, I was meeting with senior leaders in Congress who were evangelical about the importance of AUKUS, who expressed real confidence that it would continue,” Mr Conroy said.
“I was also met with real positivity in my engagement at the Pentagon on the same issue.”
Ahead of the meeting between leaders at the White House, Opposition Leader Sussan Ley said tangible outcomes needed to come out of the discussion with Mr Trump.
She said concrete outcomes were needed on the fate of the AUKUS agreement, tariffs imposed on Australia, as well as the Quad security partnership.
“When it comes to the prime minister stepping into the Oval Office, there is only Team Australia. But this must be more than a photo opportunity, Australians are relying on the PM to deliver,” she said.
“The prime minister should not seek to avoid tough conversations on these issues, and it is important he stands up for our national interest.”
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