World Trade Organization tries to hold off trade dispute with China
POSTED: Friday, March 16, 2012 - 7:30am
UPDATED: Friday, March 16, 2012 - 7:34am
NBC News — The head of the World Trade Organization says he sees no reason why a trade dispute surrounding China should turn into a trade war. The WTO is working on settling disputes between China and the international community when it comes to its rare earth exports. Rare earth materials include minerals and other natural resources.
On tuesday the United States, Europe and Japan joined forces to challenge China's restrictions on the export of the materials. In a formal complaint to the WTO, the three trade powers accused Beijing of trying to hold down prices for its domestic manufacturers and to pressure international firms to move operations to China.