US, Japan sign agreement on 'securing' rare earths supply

TOKYO: The United States and Japan signed an agreement on Tuesday for "securing" supplies of critical minerals and rare earths, the White House said, as President Donald Trump visited Tokyo.

The deal comes as the United States tries to boost access to critical minerals with China tightening controls on rare earths.

The objective of the deal is "to assist both countries in achieving resilience and security of critical minerals and rare earths supply chains," the statement said.

It said the United States and Japan would "jointly identify projects of interest to address gaps in supply chains for critical minerals and rare earths, including derivative products such as permanent magnets, batteries, catalysts, and optical materials".

The two countries "intend to mobilize government and private sector support," the statement added.

The White House also said that Japan's premier will nominate the US president for the Nobel Peace Prize.

Trump has become increasingly focused on the Nobel since his return to power in January, and claims to have ended several conflicts around the world, a role that experts, however, downplay.

Beijing announced sweeping restrictions on the rare earths industry this month, prompting Trump to threaten 100% tariffs on imports from China in retaliation.

Earlier on his tour of Asia, Trump and Malaysian Prime Minister Anwar Ibrahim signed a trade agreement, boosting US access to critical minerals.