US, EU, Japan challenge China on trade

Video: Obama announces rare earth trade against China

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2. Closed captioning of: Obama announces rare earth trade against China

   >> one of the things i talked about during the state of the union address was making america more competitive in the global economy . the good news is that we have the best workers and the best businesses in the world. they turn out the best products and when the playing field is level they'll always be able to compete and succeed against every other country on earth. but the key is to make sure that the playing field is level. and frankly sometimes it's not. i will always try to work our differences through with other countries. we prefer dialogue. that's especially true when it comes to key trading partners like china . we've got a constructive economic relationship with china and whenever possible we are committed to working with them to addressing our concerns. but when it is necessary, i will take action if our workers and our businesses are being subjected to unfair practices. since i took office, we brought trade cases against china at nearly twice the rate as the last administration. and these actions are making a difference. for example, we halted an unfair surge in chinese tires, which has helped put over 1,000 american workers back on the job. but we haven't stopped there. two weeks ago i created trade enforcement union to aggressively investigate any unfair trade practices taking place anywhere in the world. as they wrap up their efforts, our competitors should be on notice. you will not get away with skirting the rules. when we can, we will rally support from our allies. and when it makes sense to act on our own, we will. i just signed a bill to help american company that is are facing unfair foreign competition. these companies employ tens of thousands of americans in nearly 40 states. and because of subsidies from foreign governments, some of their foreign competitors are selling products at an artificially low price. that needs to stop. this morning we're taking an additional step forward. we're bringing a new trade case against china and we're bring joined by japan and some european allies. this case involves something called rare earth materials, which are used by american manufacturers to make high-tech products, like advanced batteries that power everything from hybrid cars to cell phones. we want our companies building those products right here in america , but to do that american manufacturers need to are have access to rare earth materials, which china supplies. now if china would simply let the market work on its own we would have no objections, but their policies currently are preventing that from happening and go against the very rule that is china agreed to follow. being able to manufacture advanced batteries and hybrid cars in america is too important for us to stand by and do nothing. we've got to take control of our energy future and we can't let that energy industry take roots in some other country bought they are allowed to break the rules. so our administration will bring this case against china today and we will keep working every single day to give american workers and american businesses a fair shot in the global economy . we're going to make sure this isn't a country that's just known for what we consume. america needs to get back to doing what it's always done best, a country that builds and sells products all over the world that are stamped with the proud words, made in america . that's how we create good middle-class jobs at home and that's how we'll create an economy that's built to last.

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