Japan launched the world’s first deep-sea trial for mining rare earths, as the global race to secure access to the key metals heats up.
Japan and much of the West have moved to diversify the supply and refining of rare earths — crucial for the manufacture of cars, electronics, and military equipment — away from China after Beijing threatened to cut off US-bound supplies amid a trade dispute with Washington.
In response, US Treasury Secretary Scott Bessent is expected to push other G7 nations to accelerate efforts to reduce their reliance on China when he hosts finance officials today. The G7 accounts for roughly 60% of global demand, while China makes up more than two-thirds of global supplies.
