Japan-US Summit Talks to Sign Action Plan, Imposing Tariffs on Key Minerals from China
According to Kyodo News, diplomatic sources revealed on the 14th that the Japanese and U.S. governments have basically decided to sign an action plan at the summit between Japanese Prime Minister Takahashi Hayato and U.S. President Trump on the 19th, aimed at concluding a trade agreement to expand the procurement of key minerals. The plan will include measures to reduce reliance on China and increase tariffs on key minerals from China.
The report states that the trade agreement aims to be led by Japan and the U.S., and achieve it through the framework of the Group of Seven (G7) and like-minded countries.
The action plan is expected to include policy measures to promote diversification of procurement sources, including additional tariffs to prevent excessive inflow of key minerals from China, as well as subsidies to encourage investment and expansion of production outside of China.
It is known that China controls about 70% of global rare earth production and over 90% of refining capacity. In response, the G7 is accelerating efforts to strengthen the supply chain for key minerals, planning to conclude a trade agreement with Australia and other countries, led by the Office of the U.S. Trade Representative (USTR). USTR hopes to compile a draft agreement by the end of April and start formal negotiations with various countries.
It is expected that the Japan-US summit will also discuss cooperation in developing rare earth resources in the Iwo Jima Islands.
The Japan Agency for Marine-Earth Science and Technology announced on February 2 that the deep-sea research vessel "Earth" successfully extracted mud containing rare earth elements from the seabed approximately 5,600 meters deep near the Iwo Jima Islands. It plans to conduct multiple refining experiments and carry out an economic assessment by March 2028 at the latest.
Original: toutiao.com/article/1859782840944652/
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