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Originally posted by DAVID64
Boy, what a smart move. Piss off the main lenders that's keeping your country afloat. www.cbsnews.com...
Originally posted by xuenchen
Obama to announce rare earth trade case against China
Obama is set to make an announcement.
He will initiating a "trade suit" against China over those essential rare earth elements.
Rare Earth elements are materials used to manufacture high tech products.
It seems China has been placing restrictions on those things.
(probably an effort to raise prices)
By Agence France-Presse
Tuesday, March 13, 2012 0:06 EDT
The Raw Story
WASHINGTON — US President Barack Obama will Tuesday announce a new trade suit against China prompted by Beijing’s restrictions on the export of rare earth materials used in manufacturing high-tech products.
A senior White House official said on condition of anonymity that the United States would bring the case at the World Trade Organization with the European Union and Japan, in a new sign of election-year trade tensions with Beijing.
China is the world’s largest producer of rare earths — 17 elements critical to manufacturing a range of high-tech products from iPods to missiles — and its moves to dictate production and exports have raised a global outcry.
Critics say Beijing’s strategy is aimed at driving up global prices of the metals and forcing foreign firms to relocate to the vast emerging nation to access them.
But Beijing says the restrictions are necessary to conserve the highly sought natural resource, limit harm to the environment from excessive mining and meet domestic demand.
See you in Court !