China unfairly limits export of raw materials, WTO says

[pampango]

8. Time will tell. For now the BBC reports "China said it would abide by the organisation's finding."

In a statement, US Trade Representative Ron Kirk called the ruling "a tremendous victory for the US... particularly its manufacturers and workers".

The US, Europe, and Mexico argued that China's export block on such things as magnesium and bauxite drove up prices.

While the case requires China to comply, the EU "continues to be deeply troubled by China's use of export restrictions'' for other rare earth and industrial raw materials, the European Commission said in a statement.

But China's WTO mission in Geneva said it "deeply regrets'' that the appeals body upheld major parts of the earlier ruling's conclusions.

However, China said it would abide by the organisation's findings.

http://www.bbc.co.uk/news/business-16803072

If China doesn't follow the decision they'll end up paying big fines to the US, Europe and Mexico like the US and Europe pay to Brazil for not abiding by WTO rulings against their domestic cotton and sugar subsidies.