G7 To Move on Critical Minerals Amid China Concerns

Ministers from the United States, the United Kingdom, the European Union, Australia, and other countries are gathering in Washington next week to discuss strategic cooperation on critical raw materials, particularly rare earth metals. The meeting aims to strengthen supply chains and reduce reliance on China, while exploring measures such as minimum price mechanisms or other incentives.

The supply of rare earth metals and other critical minerals is crucial for the production of modern technologies, from smartphones to defence equipment, and has become a significant geopolitical factor in global competition.

The discussions are expected to cover ways to lessen dependence on Chinese dominance, including diversifying supply chains and possibly introducing price floors for rare earth metals. Although the U.S. is hesitant to guarantee minimum prices due to financial and market constraints, participants continue to explore joint measures to strengthen resilience against potential Chinese export restrictions.

The European Union is also expected to use the meeting to pressure the United States into lifting proposed global tariffs on steel derivatives. These measures, which would affect a broad range of steel-containing products—from aluminium doors and bicycles to hair straighteners and offshore wind turbines—have been criticised as punitive. The EU hopes that ending these ongoing threats will restore trust between the two sides and allow previous agreements with the U.S. to be fully enforced.