"Rare earth metals are scarce minerals that have particular properties, such as being magnetic or shining in low light.
This makes them particularly useful in some new technologies, such as solar panels or electric cars or light-weight batteries.
German companies have lobbied the government to say that they are now finding it hard to get hold of these essential minerals, because China produces virtually all of them.
German economy minister Rainer Bruederle said his country was being severely affected.
The concerns about a monopoly are now being echoed in Washington, where the Department of Energy has said firms are worried about shortages. One talked of a "supply crunch"."
Resource wars on the horizon?
The Chinese hold on these minerals came right after the U.S. put taxes on tires being imported from China. Also, whereas the U.S. and several European countries have explicitly said they are targeting Chinese goods to put import taxes on, China has not done so.
ReplyDeleteThe American 'hard ball'ing towards China in matters of trade and currency worries me - the Chinese will not react well or the way our government wants.
I am now posting an article published 50 minutes ago that says China is now shipping the minerals to Japan, the U.S., and Europe.
ReplyDelete