China's monopoly on rare earth material

The US, Europe and Japan have lodged a formal complaint with the World Trade Organization over China's export of rare earths. The US, EU, and Japan argue that by setting export restrictions such as quotas and taxes, China artificially lowers domestic prices and boosts domestic supply, thus granting local manufacturers an advantage against foreign competition. As a result, Chinese companies have access to more and cheaper rare earth materials, and foreign firms have to grapple with smaller and more expensive supplies.