President Donald Trump and Japan Prime Minister Sanae Takaichi on Tuesday signed a framework agreement for securing the supply of critical minerals and rare earths through mining and processing, the White House said in a statement.

The agreement was signed during Trump's visit to Japan, part of his wider Asia trip, as both countries are looking to strengthen their rare earth supply chains used everywhere from renewable energy to electronics and cars.

The U.S. and Japan plan to cooperate through use of economic policy tools and coordinated investment to accelerate development of diversified, liquid, and fair markets for critical minerals and rare earths, the statement said.

China processes more than 90% of the world's rare earths and has recently expanded export curbs, including new elements on its control list and tightened oversight of foreign producers that rely on Chinese materials.

The U.S., by contrast, has one operational rare earth mine and is racing to secure minerals vital for electric vehicles, defense systems and advanced manufacturing. Trump plans to meet Chinese President Xi Jinping on Thursday.

As part of their deal, the U.S. and Japan agreed to streamline and deregulate permitting timelines and processes for critical minerals and rare earths, as well as to address non-market policies and unfair trade practices.

Both countries would consider a mutually complementary stockpiling arrangement and would cooperate with other international partners to ensure supply chain security, the White House statement added.