NEW: Whitehouse Applauds Crack Down on China’s Hoarding of Rare Earth Materials
Tuesday, March 13, 2012
U.S. Senator Sheldon Whitehouse (D-RI) released the statement below regarding today’s announcement by the Obama Administration of a new effort to end China’s hoarding of rare earth materials, which are used in the production of advanced electronics, including batteries for cell phones and hybrid cars. The Administration is now asking the World Trade Organization to force China – which produces over 95 percent of all rare earth materials – to free up their hold on the materials.
“China hoarding these vital materials makes it harder for American manufacturers to compete in high-tech manufacturing, and that costs us jobs,” said Whitehouse. “This is yet another example of China unfairly manipulating international markets – from currency to resources – in ways that hurt United States jobs. Today’s announcement by President Obama is a good step toward fairness for manufacturers in Rhode Island and across America.”
Last year, Whitehouse joined Senators Schumer, Stabenow, and Casey on a letter to Treasury Secretary Tim Geithner and Interior Secretary Ken Salazar asking them to fight back against China’s hoarding of rare earth materials.
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