As trade tensions rise, Australian Prime Minister Anthony Albanese has promised to invest A$1.2 billion (£580 million) in a strategic reserve for essential minerals if he wins next month’s election.
Following China’s export limitations on seven rare earth elements—which are necessary for the creation of cutting-edge technologies like robotics, electric cars, and fighter jets—the statement was made.
Although China’s restrictions are applicable to all nations, many believed they were a response to tariffs imposed by US President Donald Trump.
Rare earths and other minerals essential to Australia’s and its allies’ security would be given priority, according to Albanese. Could his strategy, however, undermine China’s hegemony?
