On Monday it was reported that the US and the European Union want to launch a World Trade Organization case against China over its export restrictions on raw materials. US Trade Representative Ron Kirk's office has scheduled a news conference at 9:15 am Eastern time regarding U.S.-China trade, at which industry sources expect the WTO case will be announced.
Earlier the United States and European Union tried to persuade China to reduce its export tariffs and raise quotas on materials including zinc, tin, tungsten and yellow phosphorous, says Reuters.
According to the report as the first step in the WTO action the US and EU would formally request negotiations with Beijing. In case these consultation fails the next step would be to apply to the WTO panel to hear the complaint. The latter can take years.
It has been for a long time that the critics cry out about China's artificially benefiting Chinese manufacturers by restricting exports of raw materials used in steel, semiconductors and other products.
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