G7 leaders agree to plan to undo China’s dominance in critical minerals

The Group of Seven leaders have agreed on a plan to reduce dependence on China for rare earths and critical minerals used in key defense and technology applications, the latest effort by the West to address a key point of leverage for China in trade and geopolitical negotiations. Leaders of the G7 released a joint statement on Wednesday stating that no single country outside of the group and its partners should supply more than 60% of rare earths and permanent magnets by 2030, with the hopes of reaching 50% as soon as possible. The joint statement did not name China, but Beijing is the global supplier of both rare earths and permanent magnets and has used its supply chain dominance against the United States and others in high-stakes talks.

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