US Hosts G7 Ministers on Critical Minerals Diversification

United States Treasury Secretary Scott Bessent is set to host finance ministers from the Group of Seven advanced economies, along with representatives from the European Union and several other nations, in Washington on Monday to accelerate efforts to reduce global reliance on China for critical minerals essential to modern industries.

The gathering, scheduled for January 12, includes participants from Britain, Japan, France, Germany, Italy, Canada, Australia, India, South Korea and Mexico. These countries and entities collectively represent about 60 percent of worldwide demand for materials such as rare earths, lithium, cobalt, copper and graphite. A senior U.S. official described the discussions as urgent, emphasizing the need for faster progress amid vulnerabilities in global supply chains. "It's a very big undertaking. There's a lot of different angles, a lot of different countries involved and we really just need to move faster," the official said.

Bessent has advocated for a dedicated forum on this issue since the G7 leaders summit in Canada last June, where heads of state from the member nations and the European Union endorsed an action plan to secure supply chains and...