- US Treasury’s Bessent said frustrated with lack of urgency
- G7 plus India, South Korea, Australia and Mexico to attend
- China dominates critical minerals production
Washington, D.C
US to push for quicker action in reducing reliance on China for rare earths
Item 1 of 2 Workers transport soil containing rare earth elements for export at a port in Lianyungang, Jiangsu province, China October 31, 2010. REUTERS/Stringer/File Photo
[1/2]Workers transport soil containing rare earth elements for export at a port in Lianyungang, Jiangsu province, China October 31, 2010. REUTERS/Stringer/File Photo Purchase Licensing Rights
WASHINGTON, Jan 11 (Reuters) – U.S. Treasury Secretary Scott Bessent will urge Group of Seven nations and others to step up their efforts to reduce reliance on critical minerals from China when he hosts a dozen top finance officials on Monday, a senior U.S. official said.
The meeting, which kicks off with a dinner on Sunday evening, will include finance ministers or cabinet ministers from the G7 advanced economies, the European Union, Australia, India, South Korea and Mexico, said the official who was not authorized to speak publicly.
Sign up here.
Together, the grouping accounts for 60% of global demand for critical minerals.
“Urgency is the theme of the day. It’s a very big undertaking. There’s a lot of different angles, a lot of different countries involved and we really just need to move faster,” the official said.
Bessent on Friday told Reuters that he had been pressing for a separate meeting on the issue since a G7 leaders summit in Canada in June, where he delivered a rare earths presentation to gathered heads of state from the U.S., Britain, Japan, Canada, Germany, France, Italy and the European Union.
Leaders agreed to an action plan at the summit to secure their supply chains and boost their economies, but Bessent has grown frustrated about the lack of urgency demonstrated by attendees, the official said.
Aside from Japan, which took action after China abruptly cut off its critical minerals supplies in 2010, G7 members remain heavily dependent on critical minerals from China, which has threatened to impose strict export controls.
China dominates the critical minerals supply chain, refining between 47% and 87% of copper, lithium, cobalt, graphite and rare earths, according to the International Energy Agency. These minerals are used in defense technologies, semiconductors, renewable energy components, batteries and refining processes.
The U.S. is expected to issue a statement after the meeting, but no specific joint action is likely, the official added.
US URGES OTHERS TO FOLLOW ITS LEAD
“The United States is in the posture of calling everyone together, showing leadership, sharing what we have in mind going forward,” said the official. “We’re ready to move with those who feel a similar level of urgency … and others can join as they come to the realization of how serious this is.”
The official gave no details on what further steps were planned by the Trump administration, which is pushing forward to boost domestic production and reduce reliance on China through agreements with Australia, Ukraine and other producers.
The U.S. signed an agreement with Australia in October aimed at countering China’s dominance in critical minerals that includes an $8.5 billion project pipeline. The deal leverages Australia’s proposed strategic reserve, which will supply metals like rare earths and lithium that are vulnerable to disruption.
The official said there had been progress, but more work was needed. “It’s not solved,” they added.
Canberra has said it has subsequently received interest from Europe, Japan, South Korea and Singapore.
Monday’s meeting comes days after reports that China had begun restricting exports to Japanese companies of rare earths and powerful magnets containing them, as well as banning exports of dual-use items to the Japanese military.
The meeting was planned well before that action, U.S. officials said. China was still living up to its commitments to purchase U.S. soybeans and ship critical minerals to U.S. firms.
Reporting by Andrea Shalal; Editing by Michael Perry
Our Standards: The Thomson Reuters Trust Principles.
Continue Reading
Washington, D.C
12th Honor Flight Tallahassee returns home from successful trip to Washington D.C.
TALLAHASSEE, Fla. (WCTV) – Seventy-two veterans took a trip Saturday to our nation’s capital to visit memorials honoring their service in the armed forces.
This year marks the 12th trip to Washington, D.C. for Honor Flight Tallahassee.
Early Saturday morning, veterans and their guardians met to take a charter flight up to D.C.
Throughout the day, veterans were taken to the World War II memorial, as well as the Korean and Vietnam War memorials. The veterans also visited Arlington National Cemetery and the Tomb of the Unknown Soldier.
More Tallahassee news:
The day ended with a wonderful welcome home celebration.
Our Jacob Murphey, Julia Miller, Taylor Viles, and Grace Temple accompanied the veterans, capturing moments from throughout the day.
The team will have live coverage from Washington, D.C. on Monday to share more from the day’s events.
We will continue to have coverage throughout the month of May, leading up to our Honor Flight special on Memorial Day.
To keep up with the latest news as it develops, follow WCTV on Facebook, Instagram, YouTube, Nextdoor and X (Twitter).
Have a news tip or see an error? Write to us here. Please include the article’s headline in your message.
Be the first to see all the biggest headlines by downloading the WCTV News app. Click here to get started.
Copyright 2026 WCTV. All rights reserved.
Washington, D.C
Storm Team4 Forecast: A chilly, gusty Sunday before a cool start to the week
4 things to know about the weather:
- Chances of rain in the morning
- Gusty Sunday
- Chilly Monday
- Temps will rise again through the work week
Download the NBC Washington app on iOS and Android to check the weather radar on the go.
After a nice and warm Saturday, changes arrive for part two of the weekend.
The first half of your Sunday will have a chance for showers. Winds will pick up with our next system and are expected to gust to about 20-30 mph. Cooler air will settle in, and lows Sunday night fall into the 40s.
Highs temps Monday will reach only into the mid to upper 50s.
However, temperatures will rise through the week, so you won’t need your jackets every day.
QuickCast
SUNDAY:
Showers, then partly cloudy
Wind: NW 10-15 mph
Gusts @ 30 mph
HIGH: Lower 60s
MONDAY:
Partly cloudy
Wind: NW 10-15 mph
Gusts @ 25 mph
HIGH: Upper 50s
Stay with Storm Team4 for the latest forecast. Download the NBC Washington app on iOS and Android to get severe weather alerts on your phone.
Washington, D.C
‘It’s a twilight zone’: Iran war casts deep shadows over IMF gathering in Washington
The most severe energy shock since the 1970s, the risk of a global recession and households everywhere stomaching a renewed surge in the cost of living – hitting the most vulnerable hardest.
In a sweltering hot Washington DC this week, the message at the International Monetary Fund meetings was chilling: things had been looking up for living standards around the world. But then came the Iran war.
“Some countries are in panic,” said the fund’s managing director, Kristalina Georgieva, addressing the finance ministers and central bank bosses in town for the IMF and World Bank spring meetings. “The sooner it [the Iran war] ends, the better for everybody.”
Such gatherings are not typically used to fight geopolitical battles. “You don’t get people shouting at one another at these things,” one senior figure remarked. But, as a record-breaking April heatwave swept the US capital, no one could ignore the mounting damage from the Iran war.
Those familiar with the mood over breakfast at a meeting of the G20’s representatives on Thursday, which included Donald Trump’s treasury secretary, Scott Bessent, and the outgoing US Federal Reserve chair, Jerome Powell – said the atmosphere in the room was sombre amid an open exchange of serious views.
“It is such a twilight-zone meeting,” said Mohamed El-Erian, a former IMF deputy managing director who is now chief economic adviser at the Allianz insurance group. “There are several shadows hanging over it: one is the shadow that comes from concern about the global economy as a whole.
“The second is that some countries are going to be particularly hard hit, and it’s mostly countries that very few people are talking about. But the third concern is the adding of insult to injury: the fact that the US, which started a war of choice, is going to be hit, but by a lot less than elsewhere in relative terms.”
Before Thursday’s breakfast, Rachel Reeves had started her day with an early-morning jog. Joined by her counterparts from Spain, Australia and New Zealand for a run down the iconic National Mall, she posted an Instagram selfie with a not-so-subtle dig: “Friends that run together – work together.”
A day earlier, the chancellor had told a CNBC conference that she thought “friends are allowed to disagree on things” as she criticised Trump’s Iran war as a “mistake” and a “folly” that had not made the world safer.
Speaking at a venue just steps away from the White House, before a one-on-one meeting with Bessent, she said this “fair message” was needed because UK families and businesses were feeling the pain from higher energy prices triggered by the conflict.
Those close to Reeves insist her meeting remained cordial. Britain and the US have significant shared interests in AI, financial services and trade. The chancellor also said the UK government had little time for the Iranian regime.
But with the IMF having warned on Tuesday that the Iran war could risk a global recession – in which Britain would be the biggest G7 casualty – it was clear Reeves had travelled to Washington ready to pick a fight.
“I’m struck by how vocal she has been and the words she used,” said one global financier. “We know the disagreement between Bessent and [European Central Bank president] Christine Lagarde earlier in the year. But that was in private.”
At a cocktail party held at the British ambassador’s residence for hundreds of diplomats and financiers – including the Bank of England’s governor, Andrew Bailey, the chief executive of Barclays, CS Venkatakrishnan, and dozens of senior figures – this transatlantic tension, weeks before King Charles’s US state visit, was a major topic of conversation.
The other, in the balmy residence gardens, was one of its former occupants, Peter Mandelson, as revelations about the former ambassador’s appointment threatened to further rock the UK government.
Before the war, the agenda for the IMF had been about global cooperation; the adoption of AI, jobs and work to eradicate poverty. Each of those tasks had now been complicated, but not least the task of countries working together.
For many at the meetings, the focus was on forging closer global cooperation without the world’s pre-eminent superpower.
“Everybody is talking about how you hedge against American decisions,” said David Miliband, the former UK foreign secretary, who now runs the International Rescue Committee. “You can’t do without them, because they’re 25% of the global economy. But, in a lot of fora, they’ve pulled out.
“So everyone has to think, how does one structure international cooperation? The old west is not coming back. And so everyone has to figure out how to position themselves for that world.”
For those gathering in Washington, there was irony in the fact that they were meeting in the halls of institutions founded, under US leadership, to promote global cooperation after the second world war. The whole idea of the Bretton Woods institutions was to avoid the dire economic conditions and warfare of the 1930s and 1940s. Yet this year’s meeting was taking place amid these intertwining problems.
In their conversations about the best economic policy response to the shock of conflict, the economists also knew the real power to make a difference lay two blocks across town from the IMF and the World Bank – behind the security cordons and construction equipment blocking the White House from public view. “It is not clear they can do anything about it,” said El-Erian.
Still, with a booming economy driven by AI – including Anthropic’s powerful Mythos model, the topic of much conversation – most countries cannot afford to completely break off US ties.
“People want to find ways to insulate themselves from the mess. But, on the other hand, they admire the US private sector,” El-Erian said. “The best way I’ve heard it put, is: they want to go long the private sector and short the mess. But it’s almost impossible to do.”
-
Detroit, MI11 minutes agoGame 21: Tigers at Red Sox, Garrett Crochet battles both Detroit and the weather
-
San Francisco, CA23 minutes agoWhy do gray whales keep dying in San Francisco’s waters?
-
Dallas, TX29 minutes agoDallas Mavericks Owners Might Be Making Big Mistake in Search for New GM
-
Miami, FL35 minutes agoDefense dominates, Mensah flashes in Miami’s spring game – The Miami Hurricane
-
Boston, MA41 minutes ago
A crowd scientist is helping the Boston Marathon manage a growing field of 30,000-plus runners
-
Denver, CO47 minutes agoDenver Nuggets Altitude broadcasts now being offered in Spanish for first time ever
-
Seattle, WA53 minutes agoNeed to shred? Free drive-up/ride-up shredding Wednesday at Village Green West Seattle
-
San Diego, CA59 minutes agoGame 21: San Diego Padres at Los Angeles Angels