Finance ministers from the G7 met to discuss strategies to reduce dependence on rare earths from China, including setting a minimum price and partnerships for alternative sources.

Finance ministers from the G7 and other major economies gathered in Washington to address the issue of dependence on rare earths from China. Convened by U.S. Treasury Secretary Scott Bessent, the meeting included officials from Japan, the United Kingdom, France, Germany, Italy, Canada, Australia, Mexico, South Korea, and India. Bessent emphasized the need to diversify supply chains for critical minerals, considering the strict controls imposed by China on exports. Japanese Finance Minister Satsuki Katayama proposed short, medium, and long-term measures to reduce dependence on China, including the creation of markets based on labor and human rights standards. There was also discussion about establishing a minimum price for rare earths and partnerships to boost supply. German Finance Minister Lars Klingbeil highlighted the importance of proactive actions by Europe in this area and emphasized the need to advance in recycling to reduce dependencies.