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President Trump signed an agreement with Australian Prime Minister Anthony Albanese to boost access to critical minerals and rare earths, as the U.S. looks to reduce reliance on China.

The president listed rare earths, fentanyl and soybeans as the U.S.’s top issues with China just before the two sides return to the negotiating table this week in Malaysia. 

Earlier this year, the two agreed to a truce in which Washington paused tariffs on Chinese goods while Beijing pledged to resume the flow of rare-earth magnets. That expires in November.

Western heavy-duty vehicle makers’ efforts to gain a foothold in China have so far struggled with a lack of profitability amid local competition.

Cutting off cooking oil trade could have wide-ranging effects for the American heartland and in energy markets. Used cooking oil is a feedstock for biofuels such as renewable diesel.

“We’ve been pretty successful in finding a path forward with them in the past so we think we’ll be able to work through it,” Jamieson Greer said Oct. 14 in an interview with CNBC.

Cosco Shipping, already expected to report weaker third-quarter earnings, could face an additional $1.5 billion to $2.1 billion in fees in 2026.

Chinese trade data released Oct. 13 showed exports to the U.S. have fallen for six straight months, dropping 27% in September from the year before.

Trump said Oct. 10 that “there seems to be no reason” to meet with Chinese leader Xi Jinping as part of an upcoming trip to South Korea after China restricted exports of rare earths.

China announced Oct. 10 that it would impose fees on U.S. ships in retaliation for similar measures due to be imposed by the Trump administration Oct. 14.