Panicking?13 Jan 2026 12:18
G7 Finance ministers held an emergency meeting in Washington, D.C. on Monday, January 12, 2026, to address the urgent need to diversify global supply chains for critical minerals and rare earths.
Key Details of the Meeting
Primary Objective: To reduce collective dependence on China, which currently holds a dominant position in the supply and refining of critical minerals essential for defense, technology, and green energy.
Convening Authority: The meeting was hosted by U.S. Treasury Secretary Scott Bessent.
Participants: In addition to the G7 members (U.S., UK, Japan, France, Germany, Italy, and Canada) and the EU, the meeting included officials from resource-rich allies such as Australia, Mexico, South Korea, and India.
Proposed Solutions: Discussions included the implementation of coordinated price floors for minerals to make non-Chinese mining investments economically viable, as well as new partnerships for recycling and production.
Immediate Context: The emergency talks were spurred by China’s recent move to ban or strictly control exports of items destined for the Japanese military and other critical mineral supplies.