PM Albanese’s shock critical minerals move | Australian Markets
Anthony Albanese will use Australia’s sought after critical minerals to push for Donald Trump to carry his tariffs on the nation because the Prime Minister battles to be seen as robust enough to stand up to the US President.
Mr Trump’s so-called “Liberation Day” marked the introduction of a 10 per cent tariff on Australian merchandise, which excluded prescription drugs and a few critical minerals. The most extreme taxes of up to 49 per cent had been slapped on regional neighbours like China, Malaysia, Vietnam and Cambodia.
Mr Albanese stated Washington’s unilateral motion was “not the act of a friend”. It’s understood his workforce is engaged on plans for a strategic critical minerals reserve as half of Australia’s response to the tariffs
It has been speculated the reserve would contain the Federal Government shopping for critical minerals from producers and both discovering the best markets for them abroad or storing them to make use of domestically or for our allies.
One industry source steered the model used could possibly be much like the CBH model for grain the place farmers had been paid upfront for his or her product, which was both offered instantly or stockpiled to get the best costs.
Association of Mining and Exploration Companies chief govt Warren Pearce stated it was clear the US noticed critical minerals as a key element for its future economic system.
“We’ve got a really powerful card to play in these negotiations, or indeed, how these supply chains develop,” he stated.
Despite WA being Australia’s sources powerhouse and home to many critical minerals deposits, Roger Cook stated he was unaware of the Federal coverage however stated given WA was a key participant in that space he would work with the Commonwealth on the coverage.
Opposition Leader Peter Dutton has claimed Mr Albanese by no means put critical minerals on the desk during discussions with the US administration over tariffs. But Mr Albanese spoke about critical minerals during his call with Mr Trump in early February.
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