Wednesday, December 29, 2010

China cuts export quota on rare earth


Chinese President Hu Jin Tao(right) is to visit his American counterpart Barrack Obama to resolve trade problems

Source: Press TV
http://www.presstv.ir/detail/157672.html


China has announced sharp cuts in export quotas for rare earth minerals in the first half of the coming year, raising concerns about its trade ties with major partners.

The metal supplies, vitally needed for making a wide range of high-tech and clean technology products as well as other goods, will decline by 11 percent in 2011, in addition to the 40-percent drop in exports in 2010.

China's Commerce Ministry allotted 14,446 tons of quotas to 31 companies, 11.4 percent less than the 16,304 tons it allocated to 22 companies in the first half of 2010.

China produces around 97 percent of the rare earth elements in the global market.

The announcement, made on Tuesday, will affect the country's trade relations with the United States, the European Union and Japan and has brought about concerns in Washington.

"We are very concerned about China's export restraints on rare earth materials. We have raised our concerns with China and we are continuing to work closely on the issue with stakeholders," Reuters quoted US Trade Representative spokeswoman as saying.

The Trade Representative's Office has said the US could make a complaint to the World Trade Organization if China resumes the export limitations on rare earth minerals.

China says the cuts are based on environmental policies and that ensuring supplies to Chinese clean energy companies is their priority.

Next month's talks between Chinese President Hu Jintao and his American counterpart Barrack Obama are viewed as a vital event in restoring stability in their trade ties.

No comments:

Post a Comment

Thanks for commenting on this post. Please consider sharing it on Facebook or Twitter for a wider discussion.

Russian / Ukraine War - (Mar 08th, 2024)

How the Ukraine War Changed the World - (Mar 01st, 2024)

Redacted - Egypt's betrayal of Palestine - Vanessa Beeley

CrossTalk | Magical thinking - (Feb 28th, 2024)

Hillary Clinton Interrupted & Called Out in Berlin

We don’t want war with Israel, but if they impose it on us, we are ready – Hezbollah

ICJ delivers ruling in favour of South Africa

ICJ ruling | Court stops short of ordering Gaza ceasefire, demands that Israel prevent genocide

South Africa's Closing Argument Against Israel for Genocide at the ICJ

Wider Middle East war. US, UK strike Yemen

U.S., UK Start Another Unwinnable War In Yemen

Geopolitical Storm Brewing from Palestine to Ukraine

How the US Global Order is Challenged - With Pepe Escobar (Nov 20, 2023)

Shahid Bolsen - Message to the Israeli people

Roger Waters - To Whom It May Concern: Please Stop.

US policy slowing down China's economy w/ Jeffrey Sachs

Max Blumenthal s destroys RFKJr's outrageous Israelí Propaganda

Totalitarianism, Censorship and Syria with Peter Lavelle, Vanessa Beeley & Kevork Almassian

Putin shows treaty on Ukraine’s neutrality, signed by Kiev but dumped under Western pressure

Assad's speech at the Arab League Summit - what it means for the future of the region

Assad returns to Arab League

HUGE China brokered deal, Iran & Saudi Arabia restore diplomatic ties

Nord Stream pipeline & sabotaging peace w/Jeffrey Sachs

The Tragedy of Ukraine

Historical Events that Led to the Start of the Ukraine Conflict

Your Wars Will Destroy the Planet - Roger Waters

Healthy Athletes suffer Heart Problems After Getting the Jab