G7 agrees to keep united front on China export controls, diversify suppliers

Group 1 - The G7 finance ministers have agreed to maintain a united front and coordinate their short-term response to China's export controls on rare earths, aiming to diversify suppliers [1][2] - China currently dominates the global supply chains for rare earths, with 80-90% of the supply coming from the country [1] - The G7 partners expressed shared concerns regarding the extensive nature of China's new export controls, which cover a broader range of minerals and include significant extraterritorial provisions [2] Group 2 - There is a consensus among G7 members on the need to continue efforts towards diversification and resilience of supply chains, which is an ongoing initiative [3]