U.S. Treasury Secretary Scott Bessent speaks to reporters on the White Home in Washington, D.C., U.S., Nov. 5. Reuters-Yonhap
WASHINGTON — America convened a gathering of finance ministers from South Korea, Japan and different companions in Washington on Monday to debate efforts to safe provide chains for vital minerals, the Treasury Division mentioned, amid Washington’s efforts to counter China’s rising heft over very important assets.
Treasury Secretary Scott Bessent hosted the assembly to debate options to “safe and diversify” the availability chains, particularly for uncommon earth parts, it mentioned, because the U.S. is bringing its allies and companions collectively to deal with vulnerabilities in vital mineral provides key to producing high-tech industrial and navy merchandise.
Contributors included Korea’s Deputy Prime Minister and Finance Minister Koo Yun-cheol and officers from Australia, Canada, Germany, India, France, Italy, Japan, Mexico, Britain and the European Union, in addition to U.S. officers, together with U.S. Commerce Consultant Jamieson Greer.
“All through the course of discussions, attendees expressed a robust, shared want to rapidly tackle key vulnerabilities in vital minerals provide chains,” the division mentioned in a launch.
“America highlighted actions and investments it has already undertaken, in addition to deliberate steps to create resilient, safe, and diversified vital minerals provide chains.”
Bessent identified that vital mineral provide chains have change into “extremely concentrated and weak to disruption and manipulation” whereas urging attendees to extend their provide chain resiliency, based on the division.
“Secretary Bessent expressed his optimism that nations will pursue prudent derisking over decoupling and that they perceive properly the necessity to treatment present deficiencies in vital minerals provide chains,” it mentioned.
The assembly got here as China, America’s strategic rival, has maintained appreciable management over vital minerals amid fears that its export management measures, if tightened, would trigger disruptions to international locations’ manufacturing of shopper merchandise and weapons.
sshluck@yna.co.kr
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