Secretary of the Treasury Scott K.H. Bessent hosted a meeting in Washington with finance ministers and senior officials from several countries to discuss measures for strengthening and diversifying supply chains for critical minerals, including rare earth elements. The gathering included representatives from Australia, Canada, the European Union, France, Germany, India, Italy, Japan, Mexico, South Korea, and the United Kingdom. Additional presentations were given by the U.S. Trade Representative Jamieson Greer; John Jovanovic of the Export-Import Bank of the United States; and Jay Horine from JP Morgan.
During the discussions, participants agreed on the urgency of addressing vulnerabilities within critical mineral supply chains. The United States shared details about its current actions and investments aimed at building more resilient and secure supply chains in this sector.
Secretary Bessent stated: "Nations will pursue prudent derisking over decoupling," emphasizing that countries recognize "the need to remedy current deficiencies in critical minerals supply chains." He added that these supply networks are currently "highly concentrated and vulnerable to disruption and manipulation," urging all attendees to strengthen their resilience efforts. Secretary Bessent thanked his counterparts for their commitment to learning from each other and collaborating on decisive actions toward long-term solutions.
