Bessent Rallies Allies for Resilient Mineral Supply Chains

U.S. Treasury Secretary Scott Bessent met with international partners in Washington to discuss enhancing supply chain resiliency for critical minerals. Bessent urged reducing dependence on China's mineral exports, particularly rare earth elements. Nations participated, recognizing the need to secure these resources essential for technology and defense industries.

U.S. Treasury Secretary Scott Bessent convened a significant meeting on Monday, gathering ministers from various global allies. The meeting's focus was on enhancing resiliency in supply chains for critical minerals, amid concerns about dependency on China, a country imposing tight controls over its rare earth exports.

The discussions, held in Washington, emphasized the need for nations to adopt 'prudent derisking' strategies rather than complete decoupling. Participating countries acknowledged the importance of securing and diversifying sources for minerals crucial to advanced technologies and defense.

Representatives from countries including Australia, Canada, and members of the European Union attended, highlighting their substantial global demand share. This dialogue follows recent Chinese export bans affecting Japan, underscoring geopolitical tensions over mineral resources.

(With inputs from agencies.)