US Will Urge Other Countries To Reduce Dependence On China

The idea will be promoted by U.S. Treasury Secretary Scott Bessent.

The US plans to urge the G7 countries and other nations to step up efforts to reduce dependence on China for critical minerals. The idea will be promoted by U.S. Treasury Secretary Scott Bessent.

It was reported by Reuters.

On January 12, Bessent will meet with twelve senior officials from other countries, one of the publication's sources said. Bessent's guests are finance ministers and senior officials from the developed economies of the G7, the European Union, Australia, India, South Korea and Mexico.

All of the states and blocs listed together account for 60 percent of global demand for critical minerals. It is with their representatives that Bessent will talk about reducing dependence on China.

"This is a very big endeavor. There are a lot of different points of view, a lot of different countries involved, and we really just need to move faster," the source said.

Bessent himself said in comments to the publication that he has been pushing for such a meeting since June, when Canada hosted the G7 leaders' summit. At that time, the minister made a presentation on rare earth minerals to the leaders of the United States, Britain, Japan, Canada, Germany, France, Italy and the European Union.

The only country that actually took action to secure supply chains and reduce dependence on Beijing, however, was Japan. Other nations have not shown the "urgency" the minister hoped for.

China now dominates the supply of critical minerals. China holds between 47% and 87% of the supply of copper, lithium, cobalt, graphite and rare earth elements. These minerals are important components used in defense technologies, semiconductors, renewable energy components, batteries and recycling processes.

Because of China's constant threats to impose strict export controls on the supply of critical materials, civilized countries are under constant threat of production interruption. However, even under such circumstances, the source noted, one can expect at most a statement, but no concrete joint action.

"The United States is ready to bring everyone together, show leadership and share our plans for the future.... We stand ready to act with those who feel a similar level of urgency ... and others can join when they realize how serious this is," the official added.

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