According to a draft statement obtained by Reuters, the Group of Seven leaders tentatively agreed on Monday on a policy to help secure the supply of vital minerals while strengthening their economies.
According to a source, US President Donald Trump has not yet authorised the document. It also states that mineral markets should represent the true costs of responsible mineral extraction, processing, and trading.
China’s move to restrict shipments of various essential minerals and magnets in April disrupted supply for automakers, computer chip manufacturers, and military contractors worldwide. Last week, Trump stated that Chinese President Xi Jinping had agreed to let rare earth materials and magnets into the United States.
Understanding this threat to our economy, as well as several other flaws to the stability of our essential minerals supply chains, we will collaborate with allies beyond the G7 to quickly defend our economic and national security.
It also involves forecasting vital resource shortages, coordinating responses to intentional market disruption, and diversifying mining, processing, manufacturing, and recycling, according to the statement. US President Donald Trump stated Monday that it was a mistake to exclude Russia from the G8 and that he would not mind China entering the G7 while visiting the Group of Seven meeting in Canada.
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