An AMP economist has suggested the trade deal is more indicative of US–China decoupling than Australia’s need to “decouple” from China, despite recent discussions on the latter.

During the latest Relative Return Insider podcast, AMP economist My Bui discussed the success of the critical minerals deal reached between Australian Prime Minister Anthony Albanese and US President Donald Trump from the pair’s long-awaited meeting last week.

After months of speculation over whether the meeting would happen at all, Bui characterised the outcome as having been broadly positive for both sides.

“Luckily, Australia has always been a ‘lucky country’, and we do have some of those reserves, not as much as China, but we can still dig stuff out of Australia and sell those things,” she said.

The deal, signed in Washington DC, will see the United States and Australia invest over $3 billion in critical mineral projects within the next six months. These projects, estimated to hold recoverable resources worth $53 billion, along with other commitments, have already ignited investor interest in Australia’s domestic critical minerals sector.

The partnership comes amid mounting US efforts to reduce reliance on China for rare earths and other industrial minerals, critical for nearly all modern products, from phones and household electronics to washing machines.

At the same time, recent suggestions have emerged that Australia should “decouple” from China, especially in light of Treasurer Jim Chalmers’ trips to the US and South Korea, where he promoted Australia as an investment destination beyond its largest trading partner.

However, Bui emphasised that this deal demonstrates Prime Minister Albanese’s ability to maintain strong relationships with both major partners.

“Either way, trade is good for Australia … Exports are about 27 per cent of our GDP, so to be honest, either way, it’s a pretty good outcome for us in that sense,” she said.

Instead, she described the “decoupling” narrative as a challenge for the US and China, with Australia uniquely positioned to benefit from both nations.