Does the United States have an extensive rare earth industry?

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Economics

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Please read this article in your textbook, and then do further research on the 17 rare earth minerals that are discussed in the article. Explain what China is doing with the rare earth industry, and come up with a proposal to counter China’s actions.

Does the United States have an extensive rare earth industry? If not, what would you do to grow this industry and protect it?


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20% tip because of further researches that needs to be done.

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trade and the environment, a topic we examine in more detail in Chapter 11. HEADLINES China Ends Rare-Earth Minerals Export Quotas China has dropped decade-old quotas limiting exports of strategically important minerals that sparked a global trade dispute and led some countries to reduce their reliance on Chinese supplies. The shift comes after Beijing lost a dispute at the World Trade Organization in 2013. But the policy also proved to be of little value for Beijing as many countries found other sources for the materials known as rare earths, which are widely used in high-technology industries such as smartphones and missile systems. "The change is likely because of the pressure from the WTO decision," said Frank Tang, an analyst at investment bank North Square Blue Oak. "China is saying that as a WTO member, it'll have to its trading partners in recent years. The U.S., abide by WTO rules." European Union and Japan in 2012 complained The quota system was once a major global that China was using the quota to push up glob- trade issue. In 2010, China pushed global rare- al rare-earth prices in violation of WTO rules. earth prices sharply higher-in some cases But since then the world has reduced its tenfold—when it slashed its export quota on reliance on the minerals from China, which until the 17 elements by 40% from the preceding recent years produced about 93% of the world's year. China has said it was an effort to clean up rare earths. China's share of global rare-earth a highly polluting domestic rare-earth mining output has fallen to around 86% as other pro- industry. The Obama administration described ducers amped up supply . China's exports now the move as a "wake-up call.” Trade complaints frequently fall short of maximum levels under followed, adding rare earths to a raft of items- the quota system. In 2012, it eased quota restric- including car parts and solar panels that have tions. But after it lost the WTO case, government been the subject of friction between China and officials said the quota's days were numbered. Source: Excerpted from Chuin-Wei Yap "China Ends Rare-Earth Minerals Export Quotas," The Wall Street Journal , January 5, 2015, online edition.
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