The G7 just pledged to break China’s rare earth grip — there’s a lot of work to do

G7 leaders pledged to curb dependence on China for rare earth magnets, limiting any one country to no more than 60% of imports by 2030 and aiming for 50% as soon as possible.
China currently dominates production (around 70%) and nearly all permanent magnet output (95%), a concern because those magnets power drones, weapons, EVs and wind turbines.
U.S. firms like USA Rare Earth and MP Materials are scaling up domestic “mine-to-magnet” production with government support, though experts say replacing China’s heavy-rare-earth supply will take time.