G7

G7, other allies discuss ways to reduce dependence on Chinese rare earths

China dominates the supply chain, refining between 47 and 87% of copper, lithium, cobalt, graphite and rare earths

China is the world’s dominant supplier of rare earths, helping Beijing last year counter punitive tariffs from the Trump administration by restricting their export.

US to host meeting on rare earths as China-Japan spat simmers

The discussions are expected to also include officials from Australia, South Korea, India, Mexico and the European Union

Bessent has been pressing for a separate meeting on the issue since a G7 leaders summit in Canada in June.

US to push for quicker action in reducing reliance on China for rare earths

G7 members remain heavily dependent on critical minerals from China

China’s new rules require overseas firms to obtain Chinese government approval before exporting products containing even trace amounts of certain rare earths that originated in China.

G7 set to discuss joint response to China curbs on rare earths

The latest spat between the world’s two largest economies has rattled markets in recent days

Washington has called on its allies to impose tariffs on purchasers of Russian oil such as India and China.

G7 nations say they will target those continuing to increase Russian oil purchases

Russia has faced heavy sanctions from Western powers who have been considering ways to restrict financing for its war efforts

At the Brics meeting this week in Brazil, leaders jointly condemned the "indiscriminate rising of tariffs", in a swipe at US President Donald Trump’s trade policy.
THE BOTTOM LINE

The developing world’s G7 would like a word

The real lesson of the Rio Brics summit is that it isn’t meant to be a forum to be anti-American, but a place where countries bid to lead the Global South

Nearly 140 countries struck a deal in 2021 to tax multinational companies, an agreement negotiated under the auspices of the OECD.

G7 agrees to exempt US multinationals from global minimum tax

The agreement is in part due to ‘recently proposed changes to the US international tax system’ included in Trump’s signature domestic policy bill

US President Donald Trump has repeatedly declined to say if the United States would participate in Israeli military action, although he says it was not involved in initial strikes.

G7 urges Middle East de-escalation as Trump makes hasty summit exit

[KANANASKIS, Alberta] G7 leaders on Monday (Jun 16) called for “de-escalation” in the Middle East starting with the Israel-Iran conflict, as US President Donald Trump hastily left the group’s summit.

The G7 represents 44% of global gross domestic product.
THINKING ALOUD

Whither the G7 (now G6?) summit

WHAT is the G7– the elite grouping of advanced economies – good for? Conventional wisdom has it that this is about setting the economic direction for everyone else. Trade, international security, clim...

China accounts for almost 70% of the world’s production of rare earths.

G7 works to secure critical minerals in face of China curbs

The Group of Seven is composed of the US, Canada, Japan, Germany, the UK, France, and Italy, as well as the European Union