Scott Bessent gathers 11 finance ministers and EU officials as China’s 87% rare earth refining grip and record silver prices expose fresh U.S. supply‑chain risk.
Summary
- U.S. Treasury Secretary Scott Bessent met 11 finance ministers, an EU commissioner and trade officials to discuss mineral supply constraints.
- China now refines up to 87% of global rare earths, while silver trades at record highs, underscoring leverage over strategic and industrial inputs.
- No new policies emerged, but the Trump administration is using rare earths talks to tackle national‑security risks in tech, defense and manufacturing supply chains.
U.S. Treasury Secretary Scott Bessent convened a meeting with global finance ministers on Monday to address concerns over mineral supply constraints, according to reports.
The meeting brought together finance ministers from 11 countries, a European Union commissioner, and U.S. trade officials to discuss the matter, the reports stated.
Rare earths in China and what it means for the crypto market
The gathering comes as China refines up to 87% of the world’s rare earth minerals, according to industry data. Silver prices have reached record levels in recent trading sessions, market data showed.
The meeting focused on coordination among allied nations regarding mineral supply chains and China’s dominant position in rare earth processing, according to sources familiar with the discussions.
No immediate policy announcements emerged from the Monday session. Representatives from the Treasury Department did not provide additional comment on the meeting’s outcomes.
The rare earth minerals discussion represents the latest effort by the Trump administration to address supply chain vulnerabilities in critical materials used in technology, defense, and manufacturing sectors.
From a crypto angle, supply‑chain stress historically correlates with:
- Bid in hard‑asset proxies (gold, silver, sometimes BTC) when policy uncertainty rises.
- Narrative tailwinds for “real‑world assets” and tokenized commodities like the Salus and SAGINT mineral deals on IOTA and Sui.
- Higher sensitivity of BTC to trade and tariff headlines, as seen when Trump’s earlier China tariffs triggered sharp crypto drawdowns before détente rallies reversed them.
