Key Facts
• On January 12, U.S. Treasury Secretary Becent will lead a Washington meeting with G7 and others.
• Participants include finance ministers from G7, EU, Australia, India, South Korea, and Mexico.
• These countries represent 60% of global critical mineral demand.
• The meeting aims to strengthen efforts to reduce reliance on China for critical minerals.
• China refines 47–87% of copper, lithium, cobalt, graphite, and rare earths globally.
• These minerals are vital for defense, semiconductors, renewable energy, batteries, and refining.
• Becent has pushed for this meeting since the June 2025 G7 summit.
• U.S. officials express frustration over other countries’ lack of urgency.
• Japan is the only G7 country less dependent on China for these minerals.
• The U.S. plans to issue a statement post-meeting but no coordinated actions are expected.
Summary
The United States, led by Treasury Secretary Becent, will convene a high-level meeting on January 12 in Washington with G7 members, the European Union, Australia, India, South Korea, and Mexico. The focus is on urgent measures to reduce global dependence on China for critical minerals, which are essential for key industries such as defense, semiconductors, and renewable energy. China currently dominates the refining of these minerals, controlling between 47% and 87% of the supply chain for copper, lithium, cobalt, graphite, and rare earth elements. Despite agreements at the June 2025 G7 summit to secure supply chains and boost economic activity, U.S. officials are concerned about the slow pace of action from other countries. Japan stands out as the only G7 nation with lower reliance on China. While the U.S. will release a statement after the meeting, no immediate joint initiatives are anticipated.
