PM Albanese’s shock critical minerals move blindsides WA’s Cook, leaving industry scrambling for answers

Anthony Albanese will use Australia’s sought after critical minerals to push for Donald Trump to lift his tariffs on the country as the Prime Minister battles to be seen as strong 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 products, which excluded pharmaceuticals and some critical minerals. The most severe taxes of up to 49 per cent were slapped on regional neighbours like China, Malaysia, Vietnam and Cambodia.

Mr Albanese said Washington’s unilateral action was “not the act of a friend”. It’s understood his team is working on plans for a strategic critical minerals reserve as part of Australia’s response to the tariffs

It has been speculated the reserve would involve the Federal Government buying critical minerals from producers and either finding the best markets for them overseas or storing them to use domestically or for our allies.

One industry source suggested the model used could be similar to the CBH model for grain where farmers were paid upfront for their product, which was either sold immediately or stockpiled to get the best prices.

Association of Mining and Exploration Companies chief executive Warren Pearce said it was clear the US saw critical minerals as a key component for its future economy.

“We’ve got a really powerful card to play in these negotiations, or indeed, how these supply chains develop,” he said.

Despite WA being Australia’s resources powerhouse and home to many critical minerals deposits, Roger Cook said he was unaware of the Federal policy but said given WA was a key player in that space he would work with the Commonwealth on the policy.

Opposition Leader Peter Dutton has claimed Mr Albanese never put critical minerals on the table during discussions with the US administration over tariffs. But Mr Albanese spoke about critical minerals during his call with Mr Trump in early February.