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The Wall Street Journal reported that China’s Ministry of Commerce today plans to appeal the World Trade Organization’s (WTO) ruling that the country’s rare earth element (REE) export restrictions are in violation of global rules.
The Wall Street Journal reported that China’s Ministry of Commerce today plans to appeal the World Trade Organization’s (WTO) ruling that the country’s rare earth element (REE) export restrictions are in violation of global rules.
As quoted in the market news:
‘China will spare no efforts in making an appeal,’ Commerce Ministry spokesman Shen Danyang said at a news briefing.
The move would be in line with earlier indications from a senior ministry official that an appeal would be filed if the WTO ruled against Beijing.
The WTO last month ruled in favor of a complaint from the U.S., the European Union and Japan, accusing Beijing of violating trade rules by imposing quotas on exports of rare earths, which are used to manufacture a range of crucial technologies from smartphones to missile-defense systems. China has said the restrictions are in place for environmental-protection reasons.
The U.S. also lodged a notice of appeal in its WTO dispute, challenging restrictions that China has imposed on its rare-earth exports.
Click here to read the full report from The Wall Street Journal.