US urges partners and allies to increase critical minerals supply chain resiliency

WASHINGTON, Jan 12 (Reuters) - U.S. Treasury Secretary Scott Bessent held a meeting on Monday with ministers from different U.S. partners and allies "to discuss solutions to secure and diversify supply chains for critical minerals, especially rare earth elements," the Treasury Department said in a statement.

Bessent expressed optimism nations will pursue "prudent derisking over decoupling," and that they understand the need to remedy current deficiencies in critical minerals supply chains, the department said, adding he urged attendees to increase their supply chain resiliency.

The meeting had representatives from Australia, Canada, the European Union, France, Germany, India, Italy, Japan, Mexico, South Korea and the United Kingdom, the Treasury Department said.