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| Australia will not revise critical minerals-for-tariffs exemption deal rejected by Trump administration | Australia will not revise critical minerals-for-tariffs exemption deal rejected by Trump administration |
| (about 20 hours later) | |
| Resources minister says she is ‘sad’ the US did not embrace a more reliable supply of minerals for renewable energy and battery technologies | Resources minister says she is ‘sad’ the US did not embrace a more reliable supply of minerals for renewable energy and battery technologies |
| The Australian resources minister was saddened the US did not accept an offer of guaranteed supply to critical minerals in return for steel and aluminium tariff exemptions and has warned the package will not be improved. | |
| Australian diplomats proposed a more reliable supply of critical minerals – which are essential for renewable energy, computer and battery technologies – as they sought exemptions from a 25% tax on steel and aluminium imports. | Australian diplomats proposed a more reliable supply of critical minerals – which are essential for renewable energy, computer and battery technologies – as they sought exemptions from a 25% tax on steel and aluminium imports. |
| The offer was rejected by US officials and Australia was subjected to the tariffs along with all other nations on Wednesday afternoon. This is despite Malcolm Turnbull’s government securing an exemption from similar measures during Trump’s first term in office. | The offer was rejected by US officials and Australia was subjected to the tariffs along with all other nations on Wednesday afternoon. This is despite Malcolm Turnbull’s government securing an exemption from similar measures during Trump’s first term in office. |
| The resources minister, Madeleine King, told Guardian Australia the federal government would continue to campaign for an exemption to the tariffs, but would not make a more favourable offer on critical minerals. | |
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| “I don’t see a world in which we revise any package,” King said. “What we have been talking to the Americans about for some time [is] the supply of critical minerals into the American system. | |
| “It was always a continuation of that, perhaps a bit more focused on a few things, but it was not a critical minerals at any cost proposition.” | “It was always a continuation of that, perhaps a bit more focused on a few things, but it was not a critical minerals at any cost proposition.” |
| King said that while US investment in Australia’s critical minerals industry was being actively sought, there was already established investment from Japan and South Korea and interest from other nations. | King said that while US investment in Australia’s critical minerals industry was being actively sought, there was already established investment from Japan and South Korea and interest from other nations. |
| “We have Germany and Europe that have set up multibillion-dollar funds to invest in critical minerals around the world and we have been talking to them for a while,” King said. | “We have Germany and Europe that have set up multibillion-dollar funds to invest in critical minerals around the world and we have been talking to them for a while,” King said. |
| “While we would always welcome investment from America, we of course have other options.” | “While we would always welcome investment from America, we of course have other options.” |
| King said the offer to America was “absolutely not” a take-it-or-leave-it proposal and that negotiations would continue. | |
| “I’m sad in as much as I think it is a great opportunity,” King said. “But we have been working on this opportunity for some time, as had previous governments. We always want things to move more quickly than they do.” | “I’m sad in as much as I think it is a great opportunity,” King said. “But we have been working on this opportunity for some time, as had previous governments. We always want things to move more quickly than they do.” |
| The US is seeking to boost its access to critical minerals to address China’s dominance of the supply chain. China reportedly controls about 60% of production and 85% of processing capabilities. | The US is seeking to boost its access to critical minerals to address China’s dominance of the supply chain. China reportedly controls about 60% of production and 85% of processing capabilities. |
| Australia is the third-largest holder of lithium reserves and has sizeable deposits of cobalt and other rare earth elements. | Australia is the third-largest holder of lithium reserves and has sizeable deposits of cobalt and other rare earth elements. |
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| The Trump administration has sought a deal with Ukraine for access to its critical mineral resources and openly canvassed taking control of Greenland, which contains vast and untapped mineral deposits. | The Trump administration has sought a deal with Ukraine for access to its critical mineral resources and openly canvassed taking control of Greenland, which contains vast and untapped mineral deposits. |
| On Friday, the Nationals MP Kevin Hogan supported the government’s use of critical minerals as a bargaining tool during negotiations with US officials. | |
| “We have some great critical minerals that are very important to them, especially some that they can’t access,” Hogan told the ABC. “We actually believe we have more leverage points with America now [than] a few years ago.” | “We have some great critical minerals that are very important to them, especially some that they can’t access,” Hogan told the ABC. “We actually believe we have more leverage points with America now [than] a few years ago.” |
| In response to the US tariffs, Labor frontbencher Jason Clare said on Saturday, “You don’t do this to one of your best mates.” | |
| “This is like poking one of your best mates in the eye,” Clare said. | “This is like poking one of your best mates in the eye,” Clare said. |
| “By the same token, if we were to jack up tariffs on American imports, it would be like poking ourselves in the other eye, because it would just mean that the things Australians buy would cost more.” | “By the same token, if we were to jack up tariffs on American imports, it would be like poking ourselves in the other eye, because it would just mean that the things Australians buy would cost more.” |
| Kevin Rudd, Australia’s ambassador to the US, has vowed to keep fighting for a tariff carve out but warned the current administration was “protectionist” and “transactional”. | |
| “Team Australia, led by myself as ambassador, have thrown everything at this since 20 January, the day of the inauguration,” Rudd told the ABC earlier this week. | “Team Australia, led by myself as ambassador, have thrown everything at this since 20 January, the day of the inauguration,” Rudd told the ABC earlier this week. |
| “I had a team of 20 government officials, we had three sets of ministers in town, two sets of prime ministerial phone calls, but we’re up against an administration with a deep-seated view that tariffs are the way of the future.” | “I had a team of 20 government officials, we had three sets of ministers in town, two sets of prime ministerial phone calls, but we’re up against an administration with a deep-seated view that tariffs are the way of the future.” |
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