Australia will not revise critical minerals-for-tariffs exemption deal rejected by Trump administration

The Australian resources minister, Madeleine King, and the prime minister, Anthony Albanese. The government’s critical minerals deal to the US may have tapped into Australia’s sizable lithium reserves, deposits of colbalt and other rare earth elements following similar investment from Japan and South Korea. Photograph: Lukas Coch/AAP

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.