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The United States and European Union are launching a World Trade Organization case against China over its export restrictions on raw materials, officials announced on Tuesday.

The U.S. economy shrank at its fastest pace since 1982 in the fourth quarter and corporate profits plunged a record $120.1 billion, pulled down by falling consumer spending and exports, government data showed on Thursday.

The United States is imposing sanctions on several Chinese, Iranian and North Korean companies for violating arms export regulations governing missile technology and other proliferation activities.