US EditionG7 and Allies Meet in Washington to Diversify Rare Earth Supply Chains
- Finance ministers from G7 countries and other economies, including India, met in Washington to discuss reducing dependence on Chinese rare earths.
- U.S. Treasury Secretary Scott Bessent emphasized the need for solutions to secure supply chains for critical minerals and expressed optimism about diversifying away from China.
- Japanese Finance Minister Satsuki Katayama highlighted the broad agreement on reducing reliance on China for rare earths, proposing standards for market creation.
- German Finance Minister Lars Klingbeil discussed a potential price floor for rare earths and warned against forming an anti-China coalition.
14 Articles
14 Articles
Scramble for Supply: G7 Allies Seek to Break China’s Grip on Rare Earths
Growing geopolitical tensions and repeated export controls by Beijing have pushed rare earths and other critical minerals to the centre of global economic and security debates. China’s dominance across the mining, refining, and processing stages of these minerals has long been a strategic vulnerability for advanced economies, but recent restrictions most notably on exports to […] The post Scramble for Supply: G7 Allies Seek to Break China’s Grip…
G7 Nations Unite to Reduce Rare Earth Reliance on China
Finance ministers from the G7 and other major economies convened in Washington to strategize on reducing dependence on China's rare earths. Discussions focused on creating alternative supplies and setting a price floor. Despite unresolved issues, the ministers emphasized swift action and cooperation to secure critical mineral supply chains.
G7, other allies discuss ways to reduce dependence on Chinese rare earths
Finance ministers from the G7 and other major economies met in Washington on Monday to discuss ways to reduce dependence on rare earths from China, including setting a price floor and new partnerships to build up alternative supplies, ministers said.
Federal Finance Minister Klingbeil calls for faster agreements for the supply of rare earths. After a meeting of the Finance Ministers of the G7 states and other countries in Washington, Klingbeil said that closer international cooperation is needed in order to have secure access to raw materials and maintain supply chains.
The meeting came as China is tightening controls on rare earth exports to Japan and there are fears the impact of the Chinese measure may spread.
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