THE United States is pressing global partners to reduce reliance on critical minerals sourced from China, as Treasury Secretary Scott Bessent convenes a high-level meeting of finance ministers and cabinet officials from the G7, the European Union, and strategic partners including Australia, India, South Korea, and Mexico.
Reuters reported on Monday that the gathering, which began with a dinner on Sunday evening, aims to tackle vulnerabilities in mineral supply chains essential for defense, renewable energy, semiconductors, batteries, and other advanced technologies.
According to a senior U.S. official who spoke on condition of anonymity, the countries represented at the meeting collectively account for 60 per cent of global demand for critical minerals.
“Urgency is the theme of the day. 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 been advocating for such a focused discussion since presenting on rare earths at a G7 leaders’ summit in Canada last June.
While an action plan was agreed to secure supply chains and strengthen economies, U.S. officials say progress has been slower than desired.
“Except for Japan, which acted decisively after China restricted critical mineral supplies in 2010, G7 nations remain heavily dependent on Chinese sources,” the official noted. China currently refines between 47 and 87 per cent of copper, lithium, cobalt, graphite, and rare earth elements, giving it substantial leverage over global supply.
“The United States is in the posture of calling everyone together, showing leadership, sharing what we have in mind going forward. We’re ready to move with those who feel a similar level of urgency … and others can join as they come to the realization of how serious this is,” the official said.
The meeting comes amid efforts by Washington to diversify sources through international agreements, including a landmark deal with Australia signed in October. That partnership, valued at $8.5 billion, aims to counter China’s dominance by establishing a strategic reserve supplying rare earths and lithium, while European and Asian nations have also shown growing interest.
Although a joint statement from participating countries is expected, U.S. officials caution that no specific collective action is anticipated immediately.
The meeting was scheduled before recent reports that China had restricted rare earth exports to Japanese firms and banned certain dual-use items for Japan’s military, highlighting the very risks Bessent seeks to address.
“There has been progress, but it’s not solved,” the official said, emphasising the need for continued cooperation and accelerated action.
The United States is pursuing domestic production initiatives and bilateral arrangements with countries including Ukraine to further reduce dependence on Chinese minerals, reflecting both economic and strategic imperatives. - January 12, 2026
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