2026-01-13 00:52:00
Summary:
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US convenes finance ministerial on critical minerals
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Focus on rare earths and supply chain vulnerabilities
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Allies back diversification and resilience push
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Emphasis on derisking rather than decoupling
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Signals coordinated policy and investment approach
The United States stepped up its push to secure global supplies of critical minerals on Monday, with U.S. Treasury Secretary Scott Bessent convening a high-level finance ministerial in Washington focused on strengthening and diversifying supply chains for strategically important resources, including rare earth elements.
The meeting brought together finance ministers and senior economic officials from key U.S. allies and partners, reflecting growing concern over the concentration and vulnerability of critical minerals supply chains. Participants included representatives from Australia, Canada, the European Union, France, Germany, India, Italy, Japan, Mexico, South Korea and the United Kingdom, alongside senior U.S. officials and private-sector stakeholders.
Treasury said discussions centred on identifying shared vulnerabilities and accelerating practical solutions to improve supply chain resilience. U.S. officials outlined steps already taken to boost domestic and allied production, as well as planned investments aimed at reducing exposure to supply disruptions and potential manipulation. The focus was on building diversified, reliable supply chains rather than pursuing wholesale decoupling from existing producers.
Bessent stressed that critical minerals supply chains have become increasingly concentrated, leaving advanced economies exposed to geopolitical risk and economic coercion. He urged participants to prioritise resilience and coordination, arguing that greater collaboration among like-minded economies is essential to remedy longstanding deficiencies in the sector.
A key theme of the talks was “derisking rather than decoupling,” with Bessent expressing optimism that countries recognise the need to manage strategic dependencies while maintaining open, rules-based trade. Officials signalled a willingness to move quickly from dialogue to action, sharing best practices and aligning policy tools to support investment across mining, processing and recycling.
The meeting also featured contributions from the U.S. Trade Representative’s office, the Export-Import Bank of the United States, and private-sector representatives, highlighting the role of trade policy, finance and capital markets in scaling up alternative supply sources.
The ministerial underscores Washington’s broader strategy to treat critical minerals as a core economic and national security issue, with implications spanning clean energy, defence, advanced manufacturing and technology supply chains.
