Rare Earths Return to Center of U.S.-China Tensions

The U.S. is urging allies to move faster to reduce reliance on China for rare earths, and Treasury Secretary Scott Bessent will host finance leaders from the G7 and other economies this week.

The United States is pressing allies to speed efforts to reduce dependence on China for rare earths and other critical minerals. Treasury Secretary Scott Bessent will host finance leaders from the G7, the European Union and several major economies this week to raise the issue. Officials say urgency is the theme of the day as they seek clearer progress since last summer's supply-chain discussions. China continues to refine a large share of key minerals, and recent export limits have added pressure ahead of the meeting. Key facts: - U.S. officials have described the effort as urgent and are calling for faster action. - The meeting includes the G7, the European Union, India, Australia, South Korea and Mexico, which together account for about 60% of global demand for critical minerals. - The International Energy Agency data cited in reporting shows China refines between about 47% and 87% of certain minerals including copper, lithium, cobalt, graphite and rare earths. - No joint action is expected immediately; the U.S. plans to issue a statement after the talks. Summary: Officials say the push reflects concerns about reliance on a concentrated supply base because many critical minerals are refined in China. The immediate outcome is limited: no joint action is expected at the meeting, and the U.S. will release a statement after it concludes.