G7 Trade Ministers Urge Action on Critical Minerals Supply Chain and Tariffs
Key Discussions and Implications for Global Trade
Focus on Critical Minerals Supply Chain
PARIS, May 6 (Reuters) - G7 trade ministers will discuss securing the critical minerals supply chain in Wednesday's meeting, French trade minister Nicolas Forissier said.
Concerns Over Market Dominance
They will discuss rare earths, critical minerals and securing the supply chain so as not to be "hostage to certain countries that dominate the market", Forissier told reporters before the meeting.
Additional Topics on the Agenda
Industrial Overcapacity and WTO
They will also discuss industrial overcapacity and the WTO, Forissier said.
Context of the Meeting
Timing Ahead of G7 Summit
The meeting comes ahead of the main G7 summit in mid-June and after an announcement by U.S. President Donald Trump that he would raise tariffs on cars from the European Union to 25% from 15%.
Impact on German Automotive Sector
Strain from Tariffs and Global Trends
German Economy Minister Katherina Reiche said ahead of the meeting that she was in intensive talks with U.S. officials over the tariffs. Germany's export-dependent automotive sector has already been under strain from weakening demand in China, slower global growth and higher input and labour costs.
(Reporting by Elizabeth Howcroft and Makini Brice; Editing by David Goodman, Alexandra Hudson)
