Washington DC - Treasury Secretary Scott Bessent will reportedly move to reduce the US and its allies' reliance on critical minerals and resources from China during a major meeting on Monday.

Bessent will urge the finance ministers of Group of Seven nations, as well as Australia, India, South Korea, and members of the European Union, to reduce their reliance on Chinese minerals, a senior US official told Reuters.

"Urgency is the theme of the day. It's a very big undertaking," the official said. "There's a lot of different angles, a lot of different countries involved, and we really just need to move faster."

Such a move would constitute a major blow to China's economy, as the G7 accounts for approximately 60% of the world's critical mineral demand.

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It is unclear, however, how G7 nations would go about reducing their reliance on China, as Beijing is responsible for refining a vast proportion of the world's copper, lithium, cobalt, and graphite.

Such resources are necessary for the development of semiconductors, batteries, and other technologies.

Bessent has reportedly been preparing for the meeting since the G7 met in June and agreed on an action plan to boost their economies and protect their supply chains against an emerging China.

The Trump administration has been increasingly hawkish in its pursuit of critical minerals and resources and has used the abduction of Venezuelan President Nicolás Maduro to secure access to the country's oil reserves.

In December, US Trade Representative Jamieson Greer confirmed that China has been complying with US trade demands amid a tariff truce secured in early November.