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G7 agrees to keep united front on China export controls, diversify suppliers
Published by Global Banking and Finance Review
Posted on October 16, 2025
1 min readLast updated: January 21, 2026
Global Banking and Finance Review
Company
Published by Global Banking and Finance Review
Posted on October 16, 2025
1 min readLast updated: January 21, 2026
G7 finance ministers agree to coordinate a response to China's export controls on rare earths, aiming to diversify suppliers and enhance supply chain resilience.
WASHINGTON (Reuters) -Group of Seven finance ministers agreed to keep a united front and coordinate their short-term response to China's export controls on rare earths and to diversify suppliers, European Economic Commissioner Valdis Dombrovskis said on Thursday.
Speaking to Reuters on the sidelines of the International Monetary Fund meetings in Washington, Dombrovskis said China now dominated the global supply chains for rare earths with 80-90% of them coming from China.
"It was clear that G7 partners have shared concerns about those new extensive Chinese export controls, expanding both the scope of minerals covered, but also in terms of covering the value chain and having quite extensive extraterritorial provisions," Dombrovskis said.
"We agreed on one hand to coordinate this work and our engagements with Chinese counterparts to seek some short-term solutions," he said.
"But also, more conceptually, it's clear that we need to continue the work, which is not new, on diversification and resilience of our supply chains," he said.
(Reporting by Jan Strupczewski; Editing by Andrea Ricci)
Rare earths are a group of 17 elements used in various high-tech applications, including electronics, renewable energy technologies, and military equipment. They are crucial for modern technology.
Supply chain diversification involves sourcing materials and products from multiple suppliers to reduce dependency on a single source, thereby increasing resilience against disruptions.
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