Global Finance Ministers Convene to Address China’s Dominance in Critical Mineral Supply Chains
U.S. Treasury Secretary Scott assembled finance ministers from 11 nations and EU representatives to counter China's stranglehold on rare earth and silver supply chains. The meeting, attended by officials representing 60% of global mineral demand, focused on derisking—not decoupling—from Beijing's control.
China currently refines 87% of the world's rare earths while silver prices hit record highs. Scott warned concentrated supply chains remain vulnerable to disruption, citing ongoing U.S. investments in lithium, cobalt, and graphite infrastructure as partial solutions.
European delegates emphasized urgency, with Germany's Klingbeil noting the continent cannot afford passive reliance on Chinese exports. The coalition seeks to diversify sourcing before anticipated tightening of Beijing's export policies.
