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Getting down to earth with Australia.

I'm David Brancaccio in Los Angeles.

The U.S. and Australia are joining forces at an

effort to counter China's dominance of rare earth minerals crucial to electronics and defense.

The two countries have made pledges for investment and cooperation. Marketplaces Nancy

Marshall-Genzor reports. President Trump and Australian Prime Minister Anthony Albanese

each promised to invest at least a billion dollars in rare earths projects in Australia and the

U.S. in the next six months. They also pledged to streamline or deregulate permitting timelines

and set price floors for rare earths. Beijing has been accused of dumping rare earths, selling them at

prices so low that other countries can't compete. Now China controls more than half of rare earth

mining and most refining. Separately, the Export-Import Bank of the U.S. announced it intends to

invest more than $2 billion in what it called U.S. aligned critical minerals projects in Australia.

The bank says the projects involve a range of minerals, including graphite, magnesium, and

titanium, which it says are essential for U.S. aerospace and defense systems and communications

equipment. But these investments won't wean the U.S. off Chinese rare earths right away. In fact,

it takes years to develop rare earth's mines and the infrastructure to refine them. I'm Nancy Marshall

...