The G7 just pledged to break China’s rare earth grip — there’s a lot of work to do

The G7 pledged to reduce dependence on China for rare earth minerals by ensuring no single nation supplies over 60% of imports by 2030, aiming for 50% as soon as possible. China currently accounts for nearly 70% of rare earth production and 95% of permanent magnet production, critical for military technology and energy transition. The G7 cited risks from potential Chinese export controls and the strategic importance of rare earths in defense and green energy.