G7 moves to cut reliance on China for rare earths

G7 and partner economies met in Washington to explore ways to reduce dependence on China for rare earths.

Transcript

00:00G7 and other economies have met in Washington to discuss reducing dependence on China for rare earths and critical minerals.

00:08U.S. Treasury Secretary Scott Besson hosted the talks as China's recent export controls heightened pressures on global markets.

00:18Finance ministers from the G7 along with officials from Australia, India, Mexico and South Korea

00:24discussed ways to build alternative supplies of rare earths and other strategic minerals.

00:30Options included setting a minimum price floor, creating new partnerships and using public finance,

00:36tax incentives and trade measures to support non-Chinese supply chains.

00:40Japan said there was a broad agreement on the need to quickly reduce reliance on China,

00:45while Germany cautioned against forming an anti-China bloc, saying Europe must move faster to develop its own resources.

00:52The move comes amid rising concerns over supply chain security.

00:56China currently dominates the global supply chain for critical minerals,

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01:05materials essential for defense, semiconductors and renewable energy.

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