October 21, 2025
United States:
Trump Makes Rare Earths Deal With Australia to Fight China
US President Donald Trump signed a landmark pact with visiting Australian Prime Minister Anthony Albanese to boost America’s access to rare earths and other critical minerals, an effort to counter China’s tight grip on the supply chains of key metals.
The two governments will jointly invest in a swathe of mines and processing projects in Australia to boost production of commodities used in advanced technologies from electric vehicles to semiconductors and fighter planes. Australia has an $8.5 billion “pipeline that we have ready to go,” Albanese said at a meeting between the two leaders at the White House.
Europe:
UK Borrowing Overshoots by £7.2 Billion Before Key Budget
Britain’s government borrowed £7.2 billion ($9.6 billion) more than forecast in the first six months of the fiscal year, highlighting the challenge facing Chancellor of the Exchequer Rachel Reeves to get the public finances back on track in her upcoming budget.
The budget deficit climbed to £99.8 billion, overshooting the £92.6 billion forecast by the Office for Budget Responsibility in March. Borrowing in September alone was £20.2 billion, the highest for the month since the pandemic and second highest on record, with the deterioration driven by a sharp increase in debt-interest costs, the Office for National Statistics said.
Asia:
Sanae Takaichi Becomes Japan’s First Female Prime Minister
Sanae Takaichi won the parliamentary vote to become Japan’s prime minister on Tuesday, making her the first woman to clinch the nation’s top leadership job.
She secured 237 votes in the more powerful lower house, bringing her four votes above the majority line needed to confirm her victory.
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