The U.S. Trump administration has moved to rally key allies, including Korea, to strengthen the critical minerals supply chain.
On the 12th, Scott Bessent, U.S. Treasury Secretary, convened a meeting of finance ministers to discuss solutions to stabilize and diversify the critical minerals supply chain, including rare earths.
The meeting was attended by Koo Yun-cheol, Deputy Prime Minister and Minister of Economy and Finance, as well as the finance ministers of Australia, Canada, the European Union (EU), France, Germany, India, Italy, Japan, Mexico, and the United Kingdom. Except for Korea, Australia, India, and Mexico, all are known to be members of the Group of Seven (G7), including the EU as a regular participant.
Minister Bessent expressed optimism that countries will pursue careful de-risking, rather than decoupling. Noting that the critical minerals supply chain has become overly concentrated and highly vulnerable to interference and manipulation, Bessent urged attendees to strengthen their domestic supply chain resilience.
Earlier, the Trump administration sought to subdue China with tariffs, but after being hit by China's "weaponization" of rare earths—which dominate the global critical minerals supply chain—it has continued trade negotiations.