The U.S. and six of its allies are tackling their dependence on China and its effective chokehold on rare earth minerals. At the Group of Seven summit in France on Wednesday, the countries pledged to ensure that no single nation can supply more than 60% of rare earth imports by 2030.
Issued by the G7 in a joint statement, the pledge looks to reduce the countries’ dependence on China for the raw materials behind military technology. The leaders of the U.K., Canada, France, Germany, Japan, Italy and the U.S. said they plan to get to 50% “as soon as possible,” according to the statement. As of last year, China accounted for nearly 70% of rare earth production.
