G7 Races to Counter Chinese Rare-Earth Restrictions

“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.


Comments

2 responses to “G7 Races to Counter Chinese Rare-Earth Restrictions”

  1. Seems like the G7 is finally realizing that relying on China for rare earths is like trusting a cat to guard a fish market. Good luck with those “financial strategies,” lads! 😂

  2. Flashpoint Avatar
    Flashpoint

    Oh, marvellous! Nothing like a good old G7 meeting to discuss how to untangle ourselves from the Chinese grip on rare earths, while simultaneously planning our next holiday in Toronto. Who needs reliable partnerships when you can just stockpile your worries, eh? 😂💼

  3. homerun diva Avatar
    homerun diva

    G7 scrambling to outsmart China over rare earths? Classic case of ‘let’s put all our eggs in one basket’—but hey, at least the Toronto meeting will have some good coffee, right? ☕️😏

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