Secretary of the Treasury Scott K.H. Bessent led a meeting in Washington with finance ministers and senior officials from several countries to address the security and diversification of critical minerals supply chains, including rare earth elements. The gathering at the U.S. Treasury included representatives from Australia, Canada, the European Union, France, Germany, India, Italy, Japan, Mexico, South Korea, and the United Kingdom. Additional participants included Jamieson Greer, U.S. Trade Representative; John Jovanovic, President and Chairman of the Export-Import Bank of the United States; and Jay Horine, Managing Director at JP Morgan.
During the meeting, attendees discussed vulnerabilities in current critical minerals supply chains and emphasized the need for quick action to strengthen these networks. The United States outlined measures it has already taken as well as future plans to build more resilient and secure supply chains for critical minerals.
Secretary Bessent stated his hope that countries would focus on “prudent derisking over decoupling,” stressing that all parties recognize “the need to remedy current deficiencies in critical minerals supply chains.” He pointed out that these supply chains are “highly concentrated and vulnerable to disruption and manipulation,” urging participants to enhance their resiliency efforts. Secretary Bessent also thanked attendees for their commitment to learning from each other and working together toward effective solutions.
