Economy

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Trade
Mission Critical: US$3bn to counter China dominance
The battle for critical minerals entered a new phase on 20 October, when President Trump and Prime Minister Albanese signed a bilateral framework in Washington committing both nations to securing access to critical minerals and rare earths. This is a sizeable US$3 billion (A$4.61 billion) commitment, with both countries pledging at least $1 billion each within six months towards projects delivering end products to both markets. Critical minerals like lithium, cobalt, rare earths and graphite underpin defence technology, clean energy infrastructure and advanced manufacturing. China controls two-thirds of global cobalt refining and 60% of lithium processing, which means even when mining happens in Australia, the Democratic Republic of Congo, or Chile, the minerals flow to China for processing and refinement. That midstream dominance gives Beijing leverage over global supply chains, and during trade tensions or geopolitical disputes, that control becomes a tool that can halt production lines, delay military projects, and derail energy transitions. The agreed framework between the U.S. and Australia spans nine key areas to counter that dominance, from securing supply through strategic reserves to establishing asset sale
Trade
US, Argentina enter $20bn swap deal amid peso rout
As part of a comprehensive strategy to help it respond to forex and capital markets volatility, the Central Bank of the Argentinian Republic (BCRA) has finalised a $20 billion exchange rate stabilisation agreement with the U.S. Treasury Department, just six days before the country’s midterm elections. While no specific technical details were disclosed, the deal is understood to outline a framework for bilateral currency swap operations between the two countries. The main objective of the deal, according to analysts, is to reassure investors that Argentina will have the necessary funds to pay hefty foreign currency debt maturities due in the coming months. “Such operations will allow the BCRA to expand its set of monetary and exchange rate policy instruments, including the liquidity of its international reserves,” The central bank said in a statement. The announcement, made by the Central Bank in Buenos Aires, comes amid a run against the peso and is the latest in a series of measures by U.S. President Donald Trump’s administration. The Republican leader has showered Argentina with political and economic support ahead of the October 26 midterms, which will decide whether Milei can force through labour, tax and pensio
Trade
US-Australia pact targets minerals worth US$53bn
The Trump-Albanese critical minerals agreement contains resources projects worth a whopping US$53 billion (A$81.7 billion), according to the White House fact sheet. In reaching that figure, the United States and Australian governments intend to invest more than $3 billion together in critical mineral projects over the next six months. The two leaders met in Washington to sign a critical minerals pact to secure supply chains that are under threat from Chinese export restrictions as part of an ongoing trade war with the United States. READ MORE: Albanese unscathed as Trump waxes lyrical on critical Government mechanisms, such as the Export-Import Bank (EXIM) of America, are issuing seven Letters of Interest for more than $2.2 billion in financing, unlocking up to $5 billion of total investment for critical minerals and supply-chain security projects. The U.S. Department of War will invest in the construction of a 100 metric tonne-per-year advanced gallium refinery in Western Australia.Financial structureWithin six months, the framework of the deal states both countries “are taking measures to provide at least $1 billion in financing to projects located in each of the United States and Australia expected to generate en
Trade
Trade war reignites on rare earths bans, 100% tariffs
After months of painstaking negotiations and temporary truces, the United States-China trade war has reignited with a vengeance and rare earths represent just one match in a box full of combustible issues. On Friday, October 10, President Trump declared 100% additional tariffs on Chinese goods, marking the most dramatic escalation since April's "Liberation Day" chaos, when tit-for-tat levies pushed rates to 145% and nearly sent markets into bear territory. “It has just been learned that China has taken an extraordinarily aggressive position on Trade in sending an extremely hostile letter to the World, stating that they were going to, effective November 1st, 2025, impose large-scale Export Controls on virtually every product they make, and some not even made by them,” Trump wrote on his Truth Social platform. “This affects ALL Countries, without exception, and was obviously a plan devised by them years ago. It is absolutely unheard of in International Trade, and a moral disgrace in dealing with other Nations.” Markets responded with the S&P 500 dropping 2.7%, the Nasdaq plunging 3.6%, and cryptocurrency liquidations hitting US$18 billion - the sharpest declines in six months.Escalation on repeatThe current flare-up foll
Trade
EU to add 50% steel tariffs that could hurt UK industry
The European Union plans to introduce tariffs of 50% on steel imports, with the United Kingdom saying this could heavily damage the British steel industry. The EU will match steel tariffs added by the United States. Around 78% of UK steel exports went to the E.U. in 2024. “The European steel industry was on the verge of collapse – we are protecting it so that it can invest, decarbonise, and become competitive again,” said European Commission executive vice president for prosperity and industrial strategy Stéphane Séjourné. Séjourné said 18,000 jobs in the EU’s steel sector were lost last year. “In relation to the question of tariffs or other measures, as you’d expect, we are in discussions with the EU about this, as we’re in discussions with the U.S. about it,” said U.K. Prime Minister Keir Starmer. The plan would also reduce tariff-free steel import quotas by 47% to 18.3 million tonnes per year. The EU currently caps imports of 26 steel grades, with imports above these limits subject to 25% tariffs. The new proposals are intended to bolster negotiations with the U.S. to end its 50% tariff on steel imports, The Guardian reported. “The new measures proposed by the EU represent an existential threat to our steel

Economy

Trade

Mission Critical: US$3bn to counter China dominance

US, Argentina enter $20bn swap deal amid peso rout

US-Australia pact targets minerals worth US$53bn

Trade war reignites on rare earths bans, 100% tariffs

EU to add 50% steel tariffs that could hurt UK industry

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