U.S. Calls on Partners and Allies to Strengthen Critical Minerals Supply Chains

U.S. Treasury Secretary Scott Bessent met on Monday with ministers from a broad group of partner and allied countries, urging them to strengthen the resilience of global supply chains for critical minerals.

Bessent hosted the meeting in Washington to discuss strategies aimed at securing and diversifying supply chains for key materials, particularly rare earth elements. The discussions focused on reducing vulnerabilities and addressing structural weaknesses in the current global supply system.

U.S. officials said the message to partner nations was clear: greater efforts are needed to reduce reliance on critical mineral supplies originating from China. Beijing has recently tightened export controls on rare earth elements, underscoring the risks associated with concentrated supply chains.

Bessent expressed confidence that participating countries recognize the importance of pursuing what he described as “prudent derisking” rather than full economic decoupling. He said there was a shared understanding of the need to address existing gaps and inefficiencies in critical minerals supply chains.

The meeting included representatives from Australia, Canada, the European Union, France, Germany, India, Italy, Japan, Mexico, South Korea, and the United Kingdom.

Together, these economies account for roughly 60% of global demand for critical minerals. China currently dominates much of the global critical minerals supply chain, refining a substantial share of key materials including copper, lithium, cobalt, graphite, and rare earth elements.

These minerals are essential inputs for a wide range of industries, including defense technologies, semiconductor manufacturing, renewable energy systems, battery production, and industrial refining processes.

The meeting followed recent moves by China to restrict exports of certain items with both civilian and military applications, including some critical minerals, highlighting the growing strategic importance of securing diversified and reliable sources of supply.