NEW YORK, NY--(Marketwire -03/15/12)- With the U.S economy recovering from recession, President Obama has begun to bring a renewed focus on Chinese policies that could hinder U.S. expansion. China's control of the rare earth market has come under increased scrutiny since 2010. Rare earth commodity prices have risen sharply when China took actions to control its supply, which represents roughly 95 percent of global demand. Five Star Equities examines investing opportunities in the Rare Earth Industry and provides equity research on Molycorp, Inc. (NYSE: MCP - News) and Lynas Corporation Limited (Pinksheets: LYSCF.PK - News) (ASX: LYC.AX - News). Access to the full company reports can be found at:
North American and Australian rare earth stocks got a bump earlier this week after the United States, the European Union and Japan filed complaints with the World Trade Organization charging that China is limiting its export of rare earths, minerals that are vital to technology components. US President Barack Obama accused China of breaking global trade rules by restricting exports of rare earth elements. China has cut its export quotas of these minerals over the past several years to cope with growing demand at home. U.S. industry officials suggest it is an unfair trade practice, against rules established by the WTO, a group that includes China as a member.
"If China would simply let the market work on its own we would have no objections, but their policies currently are preventing that from happening and they go against the very rules that China agreed to follow," Obama said.
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The same day Obama accused China of breaking global trade rules, The Consumer Electronics Association (CEA) applauded the Obama Administration on its plan to challenge China on rare earth minerals. "CEA today welcomes the Obama Administration's announcement that it will challenge China at the WTO," said Gary Shapiro, president and CEO, CEA. "If China wants to be a world player in trade, it needs to behave like one. For far too long our member companies, particularly small companies manufacturing here in the United States have been bearing the cost burden of China's unfair practices."
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- President Obama
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