U.S. Treasury Secretary Scott Bessent is set to host a pivotal meeting on Monday, January 12, 2026, in Washington, urging Group of Seven (G7) nations and other key global partners to expedite their actions in reducing reliance on China for critical minerals. The gathering will include finance or cabinet ministers from the G7 advanced economies, the European Union, Australia, India, South Korea, and Mexico. This coalition collectively accounts for a significant 60% of the worldwide demand for critical minerals. Secretary Bessent has expressed frustration over the perceived lack of urgency among attendees since a G7 leaders' summit in Canada in June 2025, where an action plan was initially agreed upon to secure supply chains. China currently holds a dominant position in the critical minerals supply chain, refining between 47% and 87% of essential materials such as copper, lithium, cobalt, graphite, and rare earths. These minerals are indispensable for a wide array of modern technologies, including defense systems, semiconductors, renewable energy components, and electric vehicle batteries. Although no specific joint actions are anticipated immediately following the meeting, the U.S. is expected to issue a statement. The broader context of this push includes recent U.S. efforts, such as an $8.5 billion project pipeline agreement signed with Australia in October 2025, aimed at countering China's dominance in critical minerals. The timing of this renewed urgency also coincides with recent reports of China restricting rare earth and magnet exports to Japanese companies. For India, this meeting is particularly relevant as it has been explicitly invited and is likely to be represented by Minister of Electronics and IT Ashwini Vaishnaw. India's participation underscores its growing strategic importance in global efforts to diversify critical mineral supply chains and build economic resilience, aligning with its own initiatives to secure such resources through international partnerships. The US administration under President Donald Trump, with Scott Bessent as Treasury Secretary, continues to advocate for tougher economic policies, including tariffs, to protect US interests and reduce dependence on China.