Schumer Urges Action on China's Lock on Rare Earth Elements
ROCHESTER, NY (WXXI) - Senator Charles Schumer traveled across upstate New York Tuesday urging President Obama to fight China's tightening grip on so-called "rare earth elements." As the Innovation Trail's Zack Seward reports, Schumer's trip coincides with Chinese President Hu Jintao's visit to Washington.
Schumer's first stop was at Sydor Optics, a Rochester company that uses cerium oxide to grind lenses for 3-D movie projectors.
The company says the cost of the key rare earth metal has shot up by more than five times in the last quarter, as China announced that it would cut its exports.
Speaking on the factory floor, Schumer said the skyrocketing prices demand policy action from Washington.
"Bottom line is we can't sit idly by while the Chinese use [an] unfair trade practice that chokes off the world's supply of these rare earth metals," Schumer said.
China produces about 97 percent of the world's rare earth elements, which are used in everything from wind turbines to MP3 players.
Schumer stopped in Buffalo later in the day with the same message.
New York's other senator, Kirsten Gillibrand, also put out a statement urging the President to take action.
© Copyright 2011, WXXI