Finance ministers from the G7 and several other major economies met in Washington to discuss ways to reduce their dependence on rare earths and other critical minerals from China, including possible price-stabilization mechanisms and new partnerships to develop alternative supplies, Reuters reported.
The meeting, convened by U.S. Treasury Secretary Scott Bessent, included officials from Japan, Britain, France, Germany, Italy, Canada and the U.S., as well as Australia, Mexico, South Korea and India.
Participants said the talks focused on securing and diversifying supply chains for critical minerals, which are essential for defense technologies, semiconductors, renewable energy equipment and batteries. China currently dominates global processing and refining of many of these materials and has recently imposed export restrictions, including measures affecting supplies to Japan. Beijing made this step in retaliation of Japan’s support of Taiwan’s de facto independence.
Japan’s finance minister said there was broad agreement on the need to quickly reduce reliance on China and outlined short-, medium- and long-term steps to support non-Chinese production through financial incentives, public funding tools and trade measures.
German Finance Minister Lars Klingbeil said proposals included a possible price floor for rare earths and new supply partnerships, while also stressing the need for Europe to speed up its own mining, recycling and financing efforts.
Officials said discussions would continue, with critical minerals expected to remain a key topic for the G7 this year.
