G7 Allies Unite to Reduce China Rare Earth Dependence, Explore Price Floor & New Partnerships

• G7 finance ministers and allies met in Washington to discuss reducing reliance on Chinese rare earths.
• Discussions included setting a price floor and forming new partnerships to build alternative supplies.
• US Treasury Secretary Scott Bessent emphasized "prudent de-risking over decoupling" from China.
• Japanese Finance Minister Satsuki Katayama highlighted broad agreement on swiftly reducing China reliance and outlined policy approaches.
• German Finance Minister Lars Klingbeil stressed the need for Europe to actively develop its own raw material supplies and recycling.

Why It Matters: G7 and allies are actively seeking strategies to diversify rare earth supplies and reduce dependence on China.