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China to answer rare metals complaint at WTO
http://www.euronews.com/ A dispute over rare metals which has been building for years has come to a head: China has been challenged for restricting its exports. It provides 97 percent of the global output. The US, EU and Japan have fired off a formal complaint with the World Trade Organisation (WTO). The objection includes lower prices for Chinese manufacturers. Foreigners pay up to twice as much, yet cannot shop elsewhere. As in Brussels and Tokyo, the White House said Beijing must play fair.
President Obama said: “American manufacturers need to have access to rare earth material which China supplies. Now, if China would simply let the market work on its own, we’d have no objection. But their policies currently are preventing that from happening, and they go against the very rules that China agreed to follow.”
The rare earths case is the first to be jointly filed by the European Union, the United States and Japan. Rare earths are crucial for the defence, electronics and renewable-energy industries.
Beijing set an export quota of 30,258 tonnes in 2011, but it shipped only 16,861 tonnes last year, official data shows. Export prices over the past two years have quadrupled, encouraging buyers to shift operations to China
Beijing said the complaint was unfair and that it would defend itself in the WTO, citing environmental and supply control problems.
A Chinese Foreign Ministry spokesman said: “Exploiting rare earths effects the environment. China is implementing some management policies governing the environment and resources, working on sustainable development. We believe these policies are in line with WTO rules.”
Refining rare earths requires large amounts of acid. It also produces low-level radioactive waste. Extracting the stuff is harmful for the land, for water supplies and for people.
Rare earth metals are generally dispersed. China has them in concentrated and economically exploitable forms, therefore enjoying a monopoly position. The metals go into hi-tech magnets, lasers, batteries, phones, x-ray machines, lamp bulbs and munitions.
Other countries closed their own refineries over concern for pollution, as well as rare earths mines when China undercut world prices in the 1990s, partly thanks to cheap labour and looser standards.
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@Sam-ob4vg
February 29, 2024 at 12:13 am
can't complain when we shut down oursnecause health concerns. china is entitled to health concerns too
@MrNivlek3
February 29, 2024 at 12:13 am
It's china's rare earth, they can choose, who to sell to and who can't buy it, so who complained, orange head?
@sstchan924
February 29, 2024 at 12:13 am
By price increase China makes domestic rare earth mining profitable in America again.
@andycheong5036
February 29, 2024 at 12:13 am
In this case you had no choice. Alternative you can find other materials as substitute
@albertchu7926
February 29, 2024 at 12:13 am
Stupid fellow, it’s belong to China and it’s up to China whether they want to sell or not !!! If not happy then go and mine it yourself!!!
@toddpowell2003
February 29, 2024 at 12:13 am
America never follows rules…
@ualuuanie
February 29, 2024 at 12:13 am
Its a free market right so the buyer can find other sellers and the seller can control the quantity sold right?
@wallylee8470
February 29, 2024 at 12:13 am
China's requirement first. The US have their own mines.
@adelineyee1815
February 29, 2024 at 12:13 am
Band all sales of rare earth to the USA!!!!!!
@cosmoshfa88savant66
February 29, 2024 at 12:13 am
China is the Worlds largest slave labor camp…
@michaeldodd3563
February 29, 2024 at 12:13 am
China is evil!
@radioactivsmurf
February 29, 2024 at 12:13 am
Amercia better stop stealing
@Wolfsbane909
February 29, 2024 at 12:13 am
some of those rare earth metals are radioactive so be careful.
@bleupeony2
February 29, 2024 at 12:13 am
Full Spectrum Dominance? Totalitarian democracy at work. We have our own rare earths right here in the US, the idea that we should force China to supply it to us at a low price and poinson the Chinese people is BARBARIC!
@MrTGolden
February 29, 2024 at 12:13 am
Let the market work on its own, like Henry Paulson on bended knee begging for $700 billion in '08?
@AncestralReflections
February 29, 2024 at 12:13 am
Oh well just blow the crap out of them like you do with any other countries who have what you want.
@ForgottenAustralians
February 29, 2024 at 12:13 am
Obummer is a war munger…
@cowwboyfromhell
February 29, 2024 at 12:13 am
hahahahaha China caring about the environment ? thats a good one..