What are the long term positive implications of restrictions

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Question: Australia has made mining, a strategic trade priority. Other countries, such as China, have attempted to restrict aspects of their mining such as the export of rare earth metals. Rare earth metals have unique physical and chemical properties that make them critical to an ever-increasing variety of applications espec1ially 1in the electronics industry as well as in the search for energy efficiency and greenhouse gas reduction. China's export restrictions have reduced the supply within the market causing the price to rise. The World Trade Organisation has investigated whether China has done this to gain control of the rare earth metals market. China has claimed it is necessary to restrict exports as rare earth metals are an exhaustible natural resource and mining has large detrimental impacts on the environment. Are governments justified in controlling mining output or making it a strategic priority? What are the long-term positive implications of the restrictions imposed by China?

Reference no: EM133300694

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