“It’s coercion. We need to see how we will respond,” said another Commission official granted anonymity to discuss sensitive talks.
Codependency risk
China’s export restrictions led President Donald Trump to threaten Beijing with 100 percent tariffs, though Washington has since dialed back. U.S. officials are considering the implications of China’s grip on essential minerals.
“China’s actions have highlighted the danger of reliance on them for rare earths and other resources,” said Treasury Secretary Scott Bessent. “If China behaves as an unreliable partner, the world might have to disengage, though it doesn’t wish to.”
Hodgson and Canadian Environment Minister Julie Dabrusin will host their G7 counterparts from major economies such as the U.S., Japan, Italy, Germany, the U.K., and France in Toronto from Oct. 30-31.
Beijing’s new measures are an enhancement of restrictions announced earlier this year on critical minerals, Hodgson said. He noted that G7 allies are drafting several contracts with private firms aiming for announcements at the Toronto meeting.
The G7 is urging global firms and other nations to employ financial strategies to boost critical mineral supplies, including stockpiling agreements, off-take agreements, and potential contracts for differences on critical minerals, Hodgson stated.
Leave a Reply