Senator Charles Schumer Presses for Action on China's REE Policy

Senator Charles Schumer is on a cross country mission to urge President Obama to fight China’s Rare Earth Element (REE) policies.

Senator Schumer’s trip to New York on Tuesday coincided with the Chinese premier Hu Jintao’s visit to Washington.

China produces 97% of the REEs on the global market and the prices for the materials have gone up five-fold in the last three months. These precious metals are needed to manufacture hi-tech electronic goods which range from laptop batteries to MP3 players.

Schumer said the skyrocketing prices demand policy action from Washington. He was speaking on the factory floor of Sydor Optics, a Rochester company which uses cerium oxide to grind lenses for 3- Dimensional movie projectors. Kirsten Gillibrand, another New York senator also put out a statement urging the President to take action.

The rapidly rising prices for the Rare Earth Elements and the uncertainty of the supply from China has caused a number of large electronics companies problems. There is growing pressure on the US to contain what are being seen as unfair trade practices by China.