US to Urge G7, Partners to Cut Critical Mineral Reliance on China

• US Treasury Secretary Scott Bessent will press G7 and partner nations to accelerate efforts to reduce 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.
• China dominates the critical minerals supply chain, refining 47-87% of global copper, lithium, cobalt, graphite, and rare earth elements.
• These minerals are vital for defense, semiconductors, renewable energy, batteries, and industrial refining.
• The US aims to show leadership and encourage faster progress, having signed a critical minerals agreement with Australia.

Why It Matters: US pushes G7 and allies to urgently reduce critical mineral dependence on China due to its market dominance.