Critical minerals to take centre stage in G7 talks

Senior officials from the G7 and allied economies are set to convene in Washington next week, placing critical minerals firmly at the centre of discussions as concerns grow over China’s dominance in global supply chains. Representatives from the United States, the United Kingdom, the European Union, Australia and other partner nations will explore coordinated strategies to secure access to rare earths and other strategically vital raw materials.

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These minerals span a wide range of industries, from consumer electronics such as smartphones to advanced defence systems, making their availability a matter of economic security and geopolitics. With China holding a commanding position in rare earth production and processing, Western governments are increasingly focused on reducing vulnerabilities pertaining to potential export controls or supply disruptions.

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Among the options under consideration are measures to stabilise markets and encourage alternative sources, including discussions around minimum price mechanisms or comparable incentives for rare earth metals. While the United States has expressed reservations about committing to guaranteed price floors, citing budgetary pressures and the risk of market distortions, participants are continuing to examine collective approaches to strengthen supply chain resilience and reduce exposure to unilateral trade actions.

Alongside the minerals policy, trade tensions are also expected to surface during the talks. The European Union is likely to use the gathering to urge Washington to abandon proposed global tariffs on steel derivatives. Brussels has criticised the planned measures as punitive, noting that they would extend to a wide array of products containing steel, from aluminium doors and bicycles to hair styling appliances and offshore wind turbine components.

Withdrawing these tariffs would help rebuild trust and allow existing bilateral agreements with the US to function as expected. They see progress on this front as essential to stabilising transatlantic trade relations at a time when closer cooperation is being sought in response to shared strategic challenges.

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