US Pushes G7 for Urgent Action to Reduce Reliance on China for Critical Minerals

• US Treasury Secretary Scott Bessent will urge G7 nations and allies to accelerate efforts in reducing dependence on China for critical minerals.
• The meeting includes finance ministers from G7, EU, Australia, India, South Korea, and Mexico, representing 60% of global critical mineral demand.
• Bessent expressed frustration over the lack of urgency since a G7 leaders summit in Canada, despite an agreed action plan.
• China dominates the critical minerals supply chain, refining 47-87% of key minerals used in defense, tech, and renewable energy.
• The US aims to lead by example, seeking partners with similar urgency, and has a critical minerals agreement with Australia.

Why It Matters: The US is pressing global allies for immediate, collective action to lessen critical mineral reliance on China.