Japan PM Takaichi plans to recommend Trump for Nobel Peace Prize

Japanese Prime Minister Sanae Takaichi will nominate US President Donald Trump for the Nobel Peace Prize, White House Press Secretary Caroline Leavitt told reporters on Tuesday, following a signed agreement between the two nations to secure the supply of critical minerals and rare earths.

"In such a short period of time the world started to enjoy more peace," Takaichi told reporters through an interpreter on Tuesday.

"I myself was so impressed and inspired by you Mr. President," Takaichi added.

Takaichi met Trump on Tuesday morning in Tokyo where they discussed economic and security matters, alongside signing 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 US 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 per cent 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 US, 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 US 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.