At the G7 Summit in Kananaskis, in the Canadian Rockies, world leaders have tentatively agreed on a plan to safeguard the supply of critical minerals, according to a draft statement.
The draft read: “Non-market policies and practices in the critical minerals sector threaten our ability to acquire many critical minerals. Recognizing this threat to our economies, as well as various other risks to the resilience of our critical minerals supply chains, we will work together and with partners beyond the G7 to swiftly protect our economic and national security.”
According to the source that provided the draft to the media, the draft has yet to receive approval from U.S. President Donald Trump, who left the summit a day early.
The agreement follows China’s recent restrictions on critical minerals, which disrupted the supply chains of automakers, computer chip manufacturers, and military contractors worldwide.
Recently, Chinese President Xi Jinping agreed to allow the export of rare earth minerals and magnets to the United States. However, the latest G7 agreement also stipulates that minerals markets should reflect the actual costs of responsible extraction, processing, and trade.
Despite the agreement, rare earth minerals will continue to remain a source of leverage for Beijing during trade tensions.
CEO NA Editorial Staff