According to a draft statement seen by Reuters, the Group of Seven leaders tentatively agreed Monday on a policy to help secure the supply of essential minerals while also strengthening their economies.
According to a source, US President Donald Trump has yet to authorise the document. It also states that mineral markets should represent the true costs of responsible extraction, processing, and trading.
China’s move in April to restrict exports of a wide variety of essential minerals and magnets disrupted supplies required by automakers, computer chip manufacturers, and military contractors worldwide.
Trump announced last week that Chinese President Xi Jinping agreed to let rare earth materials and magnets into the United States. However, rare earths and other key minerals continue to provide leverage for Beijing.
“Non-market policies and practices in the critical minerals sector endanger our ability to acquire many critical minerals,” the proposal stated. “Recognising this threat to our economy and other vulnerabilities to the stability of our essential minerals supply chains, we will collaborate with allies beyond the G7 to quickly defend our economic and national security.
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