Anthony Albanese and Donald Trump have inked a critical minerals agreement worth billions that was finalised mere hours earlier.

Australian officials worked late into Monday night (AEDT) putting the finishing touches on the US$8.5bn ($13bn) deal, which will speed up Australia’s delivery of rare metals to feed the US’s ravenous defence and tech sectors.

In doing so, it will rapidly scale up Australia’s critical minerals production and processing as it challenges China’s global dominance.

Speaking to media before signing, the US President said the supply framework had been negotiated over the course of “four-to-five months”.

“It was sort of good timing that we got it done just in time for the visit,” he told reporters huddled in the White House Cabinet Room.

“We work together very much on rare earths, critical minerals and lots of other things.

“And we’ve had a very good relationship. We’ve been working on that for quite a while.

“In about a year from now, we’ll have so much critical mineral and rare earths that you won’t know what to do with them.”

The framework was signed just moments after the Prime Minister’s arrival – the first agreement he has signed with a foreign leader in the Cabinet Room this term.

Mr Trump greeted his Australian guest at the West Wing entrance, where he shook Mr Albanese’s hand before inviting him inside for their long-awaited formal face-to-face.

Asked what his message was for the Australian people, Mr Trump responded: “We love them. We’re going to get a lot done.”

This is their sixth interaction.

They held four phone calls and met briefly in New York last month, snapping a selfie that tempered opposition furore over Mr Albanese’s “inability” to get a meeting.

Mr Albanese said the deal, which represents an “US$8.5bn pipeline ready to go”, would take the US-Australia relationship to “the next level”.

“It’s been fantastic, the contact we’ve had together, the friendship we’ve developed.

“Australians love America, and I think Americans kind of like Australia too.

“As we go forward, I think today will be seen as a really significant day in our relationship.”

Australia has vast reserves of critical minerals, such as lithium and cobalt, which are vital to all modern technology, from smartphones to electric vehicles.

But China holds a tight grasp on the global market, accounting for about 90 per cent supply, and just last week slapped restrictions on exports.

AUKUS

Mr Trump Trump also publicly backed AUKUS for the first time.

Under the $368bn pact with the UK and the US, Australia’s navy will be armed with a fleet of nuclear-powered submarines, including three American made Virginia-class boats.

A Pentagon review of the agreement, amid sluggish submarine production in the US, sparked grave concerns it could be scrapped, leaving Australia billions worse-off and urgently needing a new centrepiece for its 21st-century defence strategy.

But Mr Trump said his administration was working to speed up the delivery of the submarines.

Asked point-blank if AUKUS was a “deterrent to China, Mr Trump admitted it was -- making him the first leader involved to explicitly acknowledge its purpose.

Though he added that he did not think “we’re going to need it”.

“I think we’ll be just fine with China,” Mr Trump said.

“China doesn’t want to do that.

“First of all, the United States is the strongest military power in the world, by far -- it’s not even close, not even close.

“We have the best equipment. We have the best of everything, and nobody’s going to mess with that.”

The emphasis on AUKUS comes as China’s rapid military build-up and aggression toward Taiwan and the Philippines drives fears of a conflict in the Indo-Pacific.

Trump invited to Australia

Both leaders were deeply complimentary when they fronted media, with Mr Trump declaring Mr Albanese “highly respected”.

“(He’s) done very well in his election, and I hear you’re popular today - it varies from day to day. But he’s done a fantastic job as Prime Minister.”

Mr Trump also revealed he had been invited to visit Australia, with Mr Albanese joking he should time his visit with the President’s Cup -- an international golfing tournament.

“I actually have been to Australia, and I did play one of your great golf courses. They have great golf courses there, but I have been to Australia, actually,” Mr Trump said.

Last-minute change of plans

Mr Albanese and Mr Trump were expected to first speak to media in Oval Office – the same place the President infamously berated his Ukrainian counterpart Volodymyr Zelensky.

He has had several controversial interactions with other world leaders in the office too, sparking wariness among diplomats and advisers.

However, Mr Albanese and Mr Trump instead held their anticipated bilateral behind closed doors in the Cabinet Room, with no open media access beforehand.

The two also had lunch together at the White House.

Flowers, but no fanfare

Mr Albanese arrived in Washington DC to heavy rain and minimal fanfare on Sunday night (local time).

However, he released a photo of flowers sent from Mr Trump and his wife, Melania, upon arrival at Blair House, where he is staying.

“Dear Mr Prime Minister,” the accompanying card read.

“Welcome to Washington DC. We are delighted to host you at the historic Blair House and hope you have a lovely stay.

“The President and Mrs Trump.”

Blair House is a an official guest residence of the US President and is located close to the White House.