“Critical minerals” are raw materials that modern economies urgently need but that are at high risk of supply disruption. U.S. law defines them as minerals that are essential for economic or national security, serve a key function in important products, and have vulnerable supply chains (for example, lithium and cobalt in batteries, rare earth elements in wind turbines, electric vehicles, and defense equipment). The U.S. and UK both depend heavily on imports of these minerals and see cooperation as a way to diversify away from a few dominant suppliers, strengthen clean‑energy and tech industries, and reduce the risk that geopolitical tensions or export restrictions could cut off supplies.
The "critical minerals finance ministerial" was a high‑level meeting hosted by U.S. Treasury Secretary Scott Bessent in Washington on 12 January 2026. Finance ministers and senior officials from major economies (including Australia, Canada, the EU, France, Germany, India, Italy, Japan, Mexico, South Korea, and the UK) met to discuss how to secure and diversify global supply chains for critical minerals, especially rare earth elements. According to the official readout, participants agreed there is a strong shared desire to move quickly to address vulnerabilities and concentration risks in these supply chains. The U.S. highlighted its own actions and planned investments, and Bessent urged “prudent derisking over decoupling.” The statement does not announce specific joint projects, binding commitments, or new rules, but frames the meeting as a step toward coordinated action and “lasting solutions.”
The U.S.-UK Transatlantic Taskforce for Markets of the Future is a joint initiative created by the U.S. Treasury and the UK Treasury (HM Treasury) in September 2025. Its job is to make recommendations, via the existing U.S.-UK Financial Regulatory Working Group, on how the two countries can better coordinate rules and cooperation for: (1) digital assets and other new financial technologies, both in the short term (while laws are still evolving) and longer term, and (2) linking their capital markets so it is easier and cheaper for firms to raise money across the Atlantic. The Taskforce is chaired by officials from both treasuries, includes U.S. and UK financial regulators, and is instructed to work closely with industry experts and report back within 180 days with concrete proposals.
The official readout of the 14 January 2026 meeting between Secretary Bessent and Chancellor Reeves is very brief and does not announce any new agreements, treaties, or dated action plans. It states that they discussed cooperation on critical minerals, financial regulation, and trade policy, that Bessent “highlighted next steps” after the critical minerals ministerial, and that they reviewed updates on the Transatlantic Taskforce for Markets of the Future. Based on publicly released information, no specific new commitments, timelines, or policy changes were made public from this bilateral meeting.
Scott Bessent is the 79th United States Secretary of the Treasury, sworn in on 28 January 2025. As Treasury Secretary, he is the U.S. government’s chief economic and finance official: he oversees federal finances, tax and debt management, much of financial‑sector policy, and represents the U.S. in key international economic forums.
Rachel Reeves is the United Kingdom’s Chancellor of the Exchequer (and the first woman to hold the post). The Chancellor is the UK government’s chief finance minister, responsible for managing the economy, setting tax and spending policy, and overseeing the Treasury and financial‑services regulation. Both roles are the top finance posts in their respective governments, which is why they lead these bilateral economic discussions.
When the U.S. and UK coordinate on financial regulation, the main effects on businesses and consumers typically come through more compatible rules and more stable, well‑supervised markets, rather than direct changes to everyday prices.
Possible effects include:
These themes are reflected in the mandate of the U.S.-UK Financial Regulatory Working Group and in the Taskforce for Markets of the Future.
There is no public indication that this specific U.S.-UK meeting, or the related financial‑regulation cooperation, has directly changed tariffs, investment rules, or export controls on critical minerals. The readouts focus on dialogue about securing and diversifying supply chains, “de‑risking” from concentrated suppliers, and aligning approaches to future financial markets.
In practice, such discussions can inform later policy choices—including trade measures, investment screening, subsidies, or export controls—but any concrete changes would normally be announced separately by trade and commerce authorities. As of the information released with this meeting and the January 2026 ministerial, no new U.S.-UK tariff or export‑control decisions on critical minerals have been publicly announced.