G7 & Allies Unite to Reduce China Rare Earth Dependency

• G7 finance ministers and allies, including India, met in Washington to address reliance on Chinese rare earths.
• US Treasury Secretary Scott Bessent convened the meeting, emphasizing 'prudent de-risking over decoupling' from China.
• Japanese Finance Minister Satsuki Katayama highlighted broad agreement on swiftly reducing China rare earth reliance.
• Discussions included policy approaches like market creation based on labor/human rights, public financial support, and tax incentives.
• India's Ashwini Vaishnaw stressed the importance of resilient critical mineral supply chains for growing manufacturing sectors.

Why It Matters: G7 and allies are actively seeking to diversify critical mineral supply chains and reduce reliance on China.