CNN: G7 Reaches Temporary Agreement to Address China's Export Restrictions on Critical Minerals
According to CNN's report on June 17, the leaders of the Group of Seven (G7) reached a temporary agreement on Monday to protect critical mineral supplies and boost their economies.
The draft directly addresses the challenges posed by China's policies: "Non-market policies and practices in the critical minerals industry threaten our ability to access a range of critical minerals." The document emphasizes that countries will act together and cooperate with partners outside the G7 to "quickly protect our economic and national security."
In April this year, China decided to restrict exports of several key minerals and magnets, which directly impacted the critical supply chains of global automakers, computer chip manufacturers, and military contractors. Despite U.S. President Trump's claim last week that China allows rare earth minerals and magnets to continue flowing into the United States, rare earths and other critical minerals are still widely viewed as important strategic leverage for Beijing.
According to the G7 draft, the group plans to take multiple measures to address risks, including predicting potential shortages of critical minerals; coordinating responses to deliberate market disruptions; and promoting diversification in the mining, processing, manufacturing, and recycling stages of the supply chain. The draft also emphasizes that the minerals market should truly reflect the costs of "responsible extraction, processing, and trade." The agreement has yet to receive final approval from U.S. President Trump.
Original Source: https://www.toutiao.com/article/1835154804556800/
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