U.S. Treasury Secretary Scott Bessent to host meeting of G7 finance ministers in Washington to discuss critical minerals, with Australia and other countries participating. G7 nations heavily reliant on rare earth supplies from China. Australia signed agreement with U.S. to counter China’s dominance in critical minerals.

China dominates critical minerals supply chain, refining 47-87% of key minerals used in defense technologies, renewable energy, and more. Western countries seeking to reduce dependence on China due to export controls. China restricts rare earth exports to Japan, but still fulfilling commitments to U.S.

Meeting follows G7 action plan from June to secure supply chains and boost economies. Australia’s strategic reserve aims to supply metals like rare earths and lithium. Interest in countering China’s grip on critical minerals from Europe, Japan, South Korea, and Singapore. India invited to attend, unclear if accepted.

Read more at Yahoo Finance: Bessent says Australia, India invited to G7 meeting on critical minerals