G7 agrees to speed up reduction of reliance on China for rare earths

WASHINGTON - Finance ministers from the Group of Seven countries agreed Monday to accelerate the reduction of their countries' overreliance on China for critical minerals.

Following a meeting in Washington, also attended by representatives from Australia, India, Mexico and South Korea, Japanese Finance Minister Satsuki Katayama disclosed the agreement and said they will explore policy measures to establish new supply chains for critical minerals.