US EditionUS to push for quicker action in reducing reliance on China for rare earths
The U.S. leads G7 and partners representing 60% of global mineral demand to push faster supply chain diversification amid concerns over China's export controls.
- U.S. Treasury Secretary Scott Bessent will host a meeting to urge G7 countries to reduce reliance on critical minerals from China, as reported by a senior U.S. official.
- G7 countries and their partners together represent 60% of global demand for critical minerals, according to the official.
- Bessent has expressed frustration over the lack of urgency from G7 members in addressing this dependency.
- The U.S. signed an agreement with Australia to counter China's dominance in critical minerals, which includes an $8.5 billion project pipeline.
21 Articles
21 Articles
US to push for quicker action in reducing reliance on China for rare earths
U.S. Treasury Secretary Scott Bessent will urge Group of Seven nations and others to step up their efforts to reduce reliance on critical minerals from China when he hosts a dozen top finance officials on Monday, a senior U.S. official said.
US to urge G7 and partners to cut reliance on China for critical minerals
China dominates the critical minerals supply chain, refining between 47% and 87% of copper, lithium, cobalt, graphite and rare earths, according to the International Energy Agency. These minerals are used in defence technologies, semiconductors, renewable energy components, batteries and refining processes.
The recent weaponization of rare earth supplies by the Chinese Communist Party has intensified the urgency for the United States and its allies to reduce their dependence on China. A senior U.S. official revealed that U.S. Treasury Secretary Bessant will chair a meeting on Monday (January 12) to urge G7 members and other countries to intensify efforts to accelerate the reduction of their reliance on key minerals from China.
The government will share efforts to break away from dependence on China at a meeting of finance ministers of the G7 and resource-rich countries to discuss critical minerals such as rare earths, which will be held in Washington on the 12th. The government will work with the G7 and resource-rich countries to reduce dependence on China, which uses rare earths as economic coercion.
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