U.S. Calls for Global Coalition to Reduce Reliance on China’s Rare Minerals
The U.S. Treasury Secretary Scott Bessent has urged a coalition of nations to accelerate efforts in reducing dependency on China's rare earth minerals. The initiative targets G7 members, alongside India, South Korea, the EU, Mexico, and Australia—collectively representing 60% of global demand for critical minerals.
Bessent emphasized urgency during preparatory talks ahead of Monday's meeting, expressing frustration over sluggish progress since June's G7 summit. At that gathering, leaders pledged to secure supply chains but have yet to implement concrete measures.
The strategy involves diversifying mineral sourcing and boosting domestic production capabilities. This geopolitical shift could indirectly impact cryptocurrency markets by altering industrial demand for blockchain-related hardware components.
