G7 leaders set target to cut dependence on China for rare earths and magnets

At a summit in Evian‑les‑Bains, France, the Group of Seven announced a joint plan to lower reliance on any single supplier for rare‑earth elements and permanent magnets to below 60 % by 2030, with an ultimate aim of 50 %. The initiative, backed by Australia and other partners, includes an alliance for critical‑mineral resilience, joint procurement and diversification of supply chains.

China’s foreign ministry defended its export controls on critical minerals, labeling the G7 move as a “small clique” that undermines international trade rules. Japanese Prime Minister Takashi Takaichi’s remarks at the summit were rebuked by Beijing as contradictory, while South Korean President Lee Jae‑myung declined to sign the mineral‑supply document, citing concerns over China.

In the United States, Democratic and Republican senators urged Treasury Secretary Scott Bessent to use the G7 meeting to press China for market‑driven appreciation of the renminbi. The G7 also issued a joint statement opposing any use of force to alter the status quo in the East China Sea, South China Sea and Taiwan Strait; Taiwan’s presidential office thanked the leaders for the explicit support of regional peace and stability.

The declarations signal a coordinated effort by major economies to reduce strategic vulnerability to China’s dominant position in rare‑earth processing and to reinforce supply‑chain security for digital and clean‑energy technologies.