00:00Finance ministers from the Group of Seven Nations have agreed to drastically reduce
00:04their reliance on China for critical minerals.
00:07The decision follows a meeting led by U.S. Treasury Secretary Scott Besant where ministers
00:12discuss setting financial incentives and standards for buying non-Chinese rare earths.
00:18China produces about 90 percent of the world's processed rare earths and rare earth magnets
00:23and has been leveraging its supply to make diplomatic and trade deals.
00:26Last week, China banned critical mineral exports to Japan for military use amid increasing
00:31tension between the two countries.
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