Trump Extends G7 Invite
U.S. Treasury Secretary Scott Bessent announced that Australia and several other allied nations will join a high-level Group of Seven finance ministers meeting in Washington on Monday, centered on one urgent issue: critical minerals and national security.
The meeting highlights growing concern inside the Biden-era global economic system that America and its allies remain dangerously dependent on China for materials essential to defense, technology, and energy production.
Why Critical Minerals Matter to America’s Security
Bessent said he has been advocating for a dedicated G7 discussion on critical minerals since last summer’s leaders’ summit. Finance ministers also held a virtual meeting on the topic in December, but Monday’s session signals a sharper shift toward action.
These minerals—including rare earth elements, lithium, cobalt, and graphite—are vital for military systems, semiconductors, energy infrastructure, electric vehicles, and advanced manufacturing. Without reliable access, U.S. supply chains and national defense capabilities face serious risk.
India was also invited to attend the meeting, though officials said it remains unclear whether New Delhi has formally accepted. Other participating countries have not yet been publicly disclosed.
G7 Nations Still Heavily Dependent on China
The G7 includes the United States, the United Kingdom, Japan, France, Germany, Italy, Canada, and the European Union. Despite years of warnings, many of these economies remain heavily reliant on China for mineral refining and processing.
According to the International Energy Agency, China currently refines between 47% and 87% of global supplies of copper, lithium, cobalt, graphite, and rare earths—giving Beijing enormous leverage over Western economies.
Australia Emerges as a Key U.S. Partner
Australia has become a central player in America’s effort to reduce dependence on China. In October, Canberra signed a major agreement with the United States aimed at countering Beijing’s dominance in critical minerals.
The agreement includes an $8.5 billion project pipeline and leverages Australia’s proposed strategic mineral reserve. That reserve is designed to supply rare earths, lithium, and other materials considered highly vulnerable to global disruption.
Australian officials later confirmed growing interest from Europe, Japan, South Korea, and Singapore—underscoring the urgency among U.S. allies to secure non-Chinese supply chains.
China Tightens Export Controls as Pressure Mounts
Western nations have increasingly moved to reduce reliance on Chinese minerals following Beijing’s repeated use of export controls as a geopolitical weapon.
Monday’s G7 meeting comes just days after reports that China began restricting exports of rare earths and powerful magnets to Japanese companies. Beijing has also banned certain dual-use exports to Japan’s military, raising alarms across the region.
Despite these developments, Bessent said China continues to meet existing commitments to purchase U.S. soybeans and ship some critical minerals to American firms—for now.
The Bigger Picture for U.S. Workers and National Security
U.S. officials say the goal is clear: protect American manufacturing, strengthen national security, and prevent hostile regimes from controlling global supply chains.
As tensions rise and China tightens its grip on strategic resources, Monday’s meeting signals a growing determination among the United States and its allies to reclaim economic independence and protect long-term stability.
