G7 and allied nations met in Washington to discuss reducing reliance on China for critical rare earth minerals. Convened by U.S. Treasury Secretary Scott Bessent, the meeting included finance ministers from G7 members, Australia, Mexico, South Korea, and India. Discussions focused on diversifying supply chains, potentially setting price floors, and forming new partnerships. Japanese Finance Minister Satsuki Katayama emphasized broad agreement on swift reduction of reliance, outlining policy approaches. German Finance Minister Lars Klingbeil urged proactive measures, cautioning against an anti-China coalition.