Tokyo. Japan’s Finance Minister Katsunobu Kato has called for the Group of Seven (G7) to unite against China’s ban on the export of rare earth minerals.

“Japan is deeply concerned about China’s massive export ban on rare earth materials last week and the G7 needs to act jointly,” he told a news conference in Washington on Thursday. ’

On October 9, Beijing announced a new curb policy on exports of rare-earth element technology and goods. These minerals are used to make magnets, which are very important for the automobile, electronics and defense industries.

China is the world’s leading producer of these minerals, and these resources have long been a bone of contention in trade talks between China and the United States.

US Treasury Secretary Scott Besant on Wednesday strongly criticized China’s new sanctions, describing them as “China versus the world”. He vowed that Washington and its allies “will not obey orders or be controlled”.

Cato and Besant’s comments came in the context of the annual meetings of the International Monetary Fund (IMF) and the World Bank in Washington this week. The meeting brought together the world’s leading economic policymakers.

The G7 comprises Canada, France, Germany, Italy and the United Kingdom, along with the United States and Japan. These countries are expected to hold serious discussions on the long-term impact of China’s export controls.