According to a draft statement obtained by Reuters, Group of Seven leaders agreed on Monday on a policy to help secure the supply of vital minerals while also bolstering their respective economies.
According to a source, US President Donald Trump has yet to authorise the document. It also states that mineral markets should represent the true costs of responsible extraction, processing, and trading of key minerals.
China’s move in April to halt exports of a wide variety of essential minerals and magnets disrupted supplies required by automakers, computer chip manufacturers, and military contractors worldwide. Trump announced last week that Chinese President Xi Jinping agreed to let rare earth materials and magnets into the United States.
Recognising this threat to our economy and other challenges to the stability of our essential minerals supply chains, we will collaborate with allies beyond the G7 to defend our economic and national security quickly.”
The report stated that this includes forecasting crucial resource shortages, coordinating responses to purposeful market disruption, and diversifying mining, processing, manufacture, and recycling. US President Donald Trump said on Monday that it was a mistake to exclude Russia from the G8 and that he would welcome China to join the G7 while visiting the Group of Seven meeting in Canada.
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