exports. this is not about imports, and, in fact, chinese products cannot be imported into the united states today, and they have no plans or applications in place, and i have the highest respect for what the u.s. department of agriculture does in this country. in any event, if any application was done, all of that product would be subject to usda standard just as products manufactured in the united states are today, so i wouldn't suspect there would be -- have the same level of scrutiny they manufactured today. i want to be clear. there's no discussion about that. there's a huge protein deficit in that part of the world. this is not about exports product from china to the u.s., but exporting u.s. products to china. >> may not be today, but we have seen -- this is another issue, but it's also not. we've seen the pharmaceuticals contaminated pharmaceutical ingredients coming from china to the united states in the form of heparin and deaths as a as a re. there's just not the same respect for foo

nearly a fifth of china's exports go to the u.s., while american exports to china jumped nearly sixfold joined the world trade organization over a decade ago. the two do as much bickering as trading arguing over market access, foreign policy and industrial espionage. >> when it comes to the theft of commercial intellectual property, that is a huge problem and it is one where china is clearly culpable. >> many people here in china believe the united states may like to -- may try to block china, that's why we see this kind of mistrust, deep seeded mistrust. >> even though china is growing in strength, it relies on the u.s. for growth, jobs and investment. this chinese auto partsmaker sends three-quarters of exports to america. almost all of these car parts were made for american companies and shipped out every single day. we want more americans to buy our products, this factory worker says. the more our company earns, the more money we make. and the more american goods chinese will be able to afford. eunice eun, cnbc, beijing. and, ross, there is a lot of political rhetoric on both sides,

refiners export roughly 2.8 billion barrels of product a day, and united states a exporting refined products to venezuela. the charts from eia show, again, the increase in gasoline and diesel exports, especially from the gulf coast. now, for you all, to what extent do you see u.s. exports of gasoline and diesel, you know, continuing? again, this goes back to the question for the consumers. the consumer is saying, senator baldwin says it. i hear from oregon consistently that we're looking for relief at pumps here in the united states, and yet y'all show up at these hearings in washington, d.c. to talk about, you know, more and more, you know, exports. tell us to what extent you see u.s. exports of gasoline and diesel continuing and/or expanding, and we can bring at least others into this, but any of you witnesses who choose to comment are welcome to do so. >> senator, we are forecasting that exports of products are likely to continue as crude oil production rises. it's, i think, worthwhile to point out that if refiners have excess of what u.s. demand is, refiners run at higher rates. higher r

we want to make sure that even as we export additional services and we export additional agriculture products, that we are also building a stronger manufacturing capability in the united states. >> and other quick question. question to get -- i was in beijing in january and they have about 4500 members of the chamber of u.s. businesses in chamber. of course, you've heard this a lot about intellectual properties, still the biggest issue. an article that the times put out a little while back said it's costing the u.s. i think $48 billion in 2009. if they improve their ip protection it means $87 billion for the u.s. and create 2 million jobs. i know you'd you've worked on that and it's something that is a big issue, but i can tell you that is a very big issue to our country in terms of job creation, additional economic opportunities for companies in the u.s. where are we at on that? >> it's a very high priority. as recently as last week when heavy strategic and economic dialogue, intellectua intellecty rights, trade secrets, cyber theft, all featured very prominent in that discussion. w

pork exports. it will limit the ability of other u.s. exports to get a foothold.i think it is reasonable to expect a wave of chinese investments into the industry as they become a global player and a fierce competitor the political system and ideology pose a threat. with that in mind the commission will report to congress with the following recommendation it has for direct investment to assess if a kid use a mandatory review of all transactions by a chinese state-owned or controlled companies investing in the united states never to comment a new economic benefits test to the current test and prohibit investment in u.s. industry by a foreign company whose government prohibits foreign investment in the same industry. thank you for allowing me to testify. >> let me start the questioning with something simple yes or no. we will start with mr. pope if this transaction would happen in the rivers which i allowed smithfield to buy shuanghui? >> i am not sure. i am not an expert of reverse mergers into china so i would yield to mothers but i do know there are other acquisi

exports. remember, the president's export council, i want to see us export our products. but it seems to me removing the unfair barriers from china would be a lot quicker and more efficient than just saying that the only way we can get in is if they own our company. that doesn't make sense to me. commissioner slane, i wonder if from your perspective, you know, if you might speak about this. >> yes. madam chairman, this is really all about control. and the chinese could easily go out and buy pork on the market. the problem with that is they subject themselves to huge price increases, and they learned in the iron ore and the coal his that it was better for them to buy the mines than to just buy the ore. so here what they have found is that multi-national, vertically-integrated meat processing companies have a cost and price advantage. and so they have told their domestic industries like shuanghui, go out and find these companies and acquire them. and they, this is all about trying to control the

exports. i mean the oil exports. has increased seven times. the diesel our and take it to all our production power and liveliness of course we have problems just like everywhere else in the works. but scientifically iran was ranked thirty second now we want is rank fourteenth. in terms of scientific progress. also speed and the pace of scientific growth is eleven times more than the average in the world. this means that we are moving forward very fast in the last eight years iran so we came into this space iran as a launch. manufacture a satellite and launched into orbit iran became a nuclear power in nanotechnology in biotechnology a lot of advancements significant once. and in many fields related to technology we are among the top ten in the worlds. these are all huge significant advancements which have occurred in the country and under my presidency in the last eight years yes there are problems just like everywhere else in the world i think the world for the level of the social has increased. so let me give you about one and they cater. to

was a net exporter of fuels.ard-working americans in businesses would be much better served if our government would take steps to remove existing barriers that distort domestic oil markets and provide does incentives for incremental domestic production. since much of the domestic like type crude oil grades like the bakken contributing to the u.s. energy renaissance are very high quality, they're actually processed most efficiently at less complex refineries that are specifically designed to handle these low-sulfur grades. following the restructuring of u.s. refining industry many less complex refineries best-suited to efficiently process our domestic, he high grade crude are located overseas. matching the various grades of crude oil to refineries best able to process them maximizes the ability available supply of refined products. by exporting our high quality domestic crude to the overseas refiners who value it most, refiners from free trade partner countries like japan and korea to struggled to source crude oil

how tough is the export becoming? >> exports are tough.-- the economy and the global economy is increasing but somewhat unevenly. so we have some severe head winds. we have seen a lot of success in satellites, transportation, industries such as that. we have seen a slowdown in areas like mining. so it is uneven and we're seeing different areas stronger and some that are a little weaker now. >> where are we on this president's initiative to double exports by the end of next year? >> we're making progress, but we're certainly got head winds. two ports of the goal, one is exports, and the other is adding new export related jobs. i think we're doing a little stronger on the jobs front than the export front. >> yeah. look, you have come out with the speech about the importance of the bank, that's your job, that's what you've got to do. but you've got to say we shouldn't be ending export credits. you talked about how big a competition u.s. private companies are with foreign governments. just explain that. >> well, you know, i was just in prague

exports are at the all time high. increases have supported more than 1.3 million additional american jobs and counted for more than one-third of u.s. gdp growth over the period. i'm pleased you invited me here today. there's so much more we need to do together. as president obama made clear the focuses must be promote growth, create american jobs and strengthen our middle class. they can contribute to the effort in three ways. first, by opening markets around the world so we can expand our exports. second, by leveling the playing field so our people can compete and win in the global economy. and third, bier ensuring that the right and trade rules we fought hard for are fully implemented and enforced. trade policy enforced vigorously give our workers, farmers, average ranchers, manufacturers, innovators, creators, investors and businesses of all sizes our best chance to compete around the world. the president laid out one of the most ambitious trade things ever. last week we completed the first round of transatlantic t

millions of workers in texas depend on exports.that's why i think it is critically important that congress pass and develop bipartisan trade promotion authority to set out negotiating objectives. for the ongoing negotiations you already outlined. do you think your negotiations can be concluded and any agreement implemented without trade promotion authority? and is it, the administration in your opinion prepared to actively engage with the congress to build political support for tpa? >> thank you, congressman. we think tpa is a critical tool and we stand ready to work with the committees as they develop a bill that addresses our shared interests an our shared goals. we're engaged in these negotiations. we're continuing to pursue them aggressively and we consult very actively with this committee, with the finance committee and other committees of jurisdiction to ensure that we have the input with regard to our negotiating objectives and how those objectives are translated into actual proposals at every step in this process and so we

they got them to agree to lift the prices of their solar panel exports. the officials accused the chinese firms of dumping their products in eu markets at below cost prices. they say this enabled them to undercut local manufacturers. eu countries impose an anti-dumping tariff of about 12% on the chinese imports. they plan to raise the tariff to about 47% in august but they say china has now agreed to lift the minimum price for its solar panel exports and they've agreed to remove the tariff. the dispute had put a large amount of trade between the two markets at risk. china exported more than $27 billion worth of the solar products to eu countries in 2011. >>> the head of the expert panel of tokyo electric power company fukushima daiichi criticized the ceo. dale klein became chairman of the reform committee for tepco last october. he spoke to nhk world on saturday about the company's late response to the public on contaminated water. >> in fact, the first time i heard about it, some of the initial reports was via the press and so that's one of the reasons i

i am all about exports. remember, the president's export council, i want to see us export our products. but it seems to me removing the unfair barriers from china would be a lot quicker and more efficient than just saying that the only way we can get in is if they own our company. that doesn't make sense to me. commissioner slane, i wonder if from your perspective, you know, if you might speak about this. >> yes. madam chairman, this is really all about control. and the chinese could easily go out and buy pork on the market. the problem with that is they subject themselves to huge price increases, and they learned in the iron ore and the coal his that it was better for them to buy the mines than to just buy the ore.

exports to the u.s. fell by 5% and europe by 8%. >> many he lego global demand, that seems to be the position that has just contracted to where it's nearly negative growth across the whole zone. it is not surprising. i think there could be a further softening over the coming months. >> there are also home-grown factors contributing to the trend. for one, the currency has been gaining strength making chinese products more expensive in world markets. the country has also seen steady wage increases. earlier this year, 10 provinces raise the minimum wage, another factor in the erosion of the chinese competitive edge. >> onto market action. with an eye eye on the disappointing data from china, shares of struggling and are correspondent sent us the summary of the trading day from frankfurt. >> after two days of gains on the german stock exchange, the equity market actually came to a bit of a standstill. the reason behind that is mostly stories about the development about the chinese economy after the exports s

the japanese want to eliminate tariffs to boost exports of automobiles and other manufactured products, but they may encounter strong opposition from the united states. negotiators want to conclude the tpp talks by the end of the year. >>> chinese authorities say top government and communist party leaders deliberately engineered their country's economic slowdown. new statistics show growth in the world's second largest economy has slowed for the second straight quarter. >> translator: the ruling party and the government have been focusing on improving the quality of economic growth. we're achieving stable growth through important structural reforms. >> the latest figures from the national bureau of statistics show gross domestic product for april through june grew 7.5% from a year earlier. gdp in the first quarter was 7.7%. bureau spokesperson says reforms by president gin ping's administration has set unavoidable short term repercussions for growth. he argues the slowdown will be to china's advantage. consumer consumption will expand as cities continue to grow. he pointed out there's

, why would canadian oil, which displaces it, be exported?ollow the logic. some of the oil, which is turned into diesel, is exported because there isn't as much need for diesel in the united states as there is in europe. but we don't see this as primarily a clundwit to export oil from the gulf coast at all. >> so you think the keystone pipeline will create 40,000 jobs. is that your number? >> well, no, that's the state department's number, and we've been relying on that number for sometime. look, you can debate it one way or the other. but national security issues are raised. there is job creation. there's economic growth that's coming out of this project, and we think it's in the national interests of both our two countries. >> yeah, this is such a he said/she said. if the president's state department -- this is his state department, and you're saying the state department said it's 40,000 jobs and then the president tells "the new york times" it's 50 to 100 jobs. so something's got to give here. it makes no sense. but let me stay on this env

. >> staying with economic news and german exports fell unexpectedly in may. suffering the steepest incline in three and a half years -- in 3 1/2 years. fewer orders from the euro area, germany's biggest export market, indicate the eurozone the crisis is still affecting the bloc's largest economy. >> these unexpected results were compounded by the slowdown in china as well. the german chamber of industry and commerce is predicting just 2% export growth this year. last year, the figure was 3.7%. it was even higher in 2011. >> investors did not seem too worried about it. our correspondent at the frank works -- at the frankfurt stock exchange said investors pretty much brushed off the disappointing numbers and found other reasons to buy shares. she sent us this summary. >> traders did not look at the poor export data coming out from germany, but more or less concentrated on the very much positive mood amongst equity markets in europe. the biggest topic here was the biggest ipo on the german market. it went public here for the first day. it was not too great for t

number three, it's promoted as a way to facilitate exports to china, but they could export pork back to us, the adoption of smithfield hogs genetics and processing technology improve hog production in china and could reverse the global flow of pork products and begin export of chinese pork to the u.s.. they are expected to apply for approval to reexport pork products processed from imported u.s. hogs and may apply to shippedded pork from hogs raised in china. number four, providing competitive access technology and intellectual property could disadvantage our domestic hog industry here and globally. they are expected to adopt smithfield's hog genetic line that could weaken u.s. pork opportunities. they have extensive supply chain and distribution system in china and throughout asia with operations in japan and south korea. the merger improves the position of the mainland china processing plant by sharing u.s. technology and expertise and potentially allowing them to undercut u.s. pork exports to the pacific rim. it will limit the ability of other u.s. exports to get a foothold in the

we export a lot to europe, latin america, and canada. think we need to be careful before we take those universal actions which are likely to retaliate -- which are likely to result in a retaliatory actions. host: next call. democrat calller. do not want any more trade agreements. they have been devastating for the country, and president obama was the poorest -- supposed to review all of the trade agreement when he came into office, which he has not done. we do not want any more secret trade agreements. i am very adamant about this. going on jobs, producing and our country. thank you very much for the call. i think it is important if there is fine to be a trade agreement that it be the right trade agreement one that opens up for an countries and products and services. the united states has 15 million people or so. people in the world. it would be possible for u.s. companies to export products and services to those markets and can lead to jobs. host: a tweet -- guest: i think it is fundamentally the opposite. it is important when we talk a

that is 3 times the amount of toy exports. what an unbalanced situation, right? ever be reversed. one toy manufacturer, kinex is trying. earlier this year it brought nearly all of its manufacturing back to the u.s. from china. now it has signed deals to export its products that it is making here to china. with us now is the guy who is doing it. kinex's ceo and president. good to have you back. we now really love the story because it turns on its head conventional wisdom all toys are made in china and sold to people here in the u.s. what in the end made you make this decision. because in the end you're a businessman and you will not do something stupid because the principle of it? >> thank you very much, liz. i'm glad to bring this story to you. we look around the world, china has a growing affluent community and growing middle class cohort as well. for us to grow internationally which is part of our building worlds kids love strategy, kids love all the planet, 150 million live in the u.s. but many live in china. let's bring the great products we make over there o

the broader -- let me say one more thing about china and then talk about lng exports. there's a separate question how much china will be able to produce domestically. china is estimated to have the largest shale gas resource in the world. it's easy to make big estimates when you don't know a lot about what's actually underground, and i think we'll see over the next five or ten years what can actually be produced at a reasonable cost. the chinese resources are in places that don't have great infrastructure, they don't have a lot of water, so you'll need to bring that in, they don't have good pipeline infrastructure for taking the gas out into markets. on top of that, there's ongoing disagreement about the exact geology there and how productive the shale resources will be. we talk a lot about the circumstances that have allowed development in the united states and how those might not be replicated in other parts of the world. i will say one thing china has done for it. the united states benefited from flexible markets where companies could sell their gas forward and use

taiwan hopes the deal will boost exports of electronic equipment and petrochemical product. new zealand hopes to sell more dairy products and beef. taiwan's government hopes to use the latest accord as a stepping stone for entry talks with more countries as well as the transpacific partnership. >>> buddhist monks have taken to the streets of at least two asian cities to denounce the apparent bombing of a holy site in india. >> demonstrations took place in thailand and sri lanka days after the blasts at one of buddhisms holiest sites. authorities have called it a terrorist attack. monks rallied in front of the united nations building in bangkok. offering nizers say about 200 monks took part from south asian countries. a series of explosions went off on sunday in the vicinity of a temple complex in eastern india, a unesco world heritage site. two people were wounded including a monk from myanmar. no person or group has claimed responsibility. followers of bud him believe the temple is where the buddha achieved enlightenment. >> we didn't want any terrorism for our buddhism. we

. >> staying with economic news and german exports fell unexpectedly in may. suffering the steepest incline in three and a half years -- in 3 1/2 years. fewer orders from the euro area, germany's biggest export market, indicate the eurozone the crisis is still affecting the bloc's largest economy. >> these unexpected results were compounded by the slowdown in china as well. the german chamber of industry and commerce is predicting just 2% export growth this year. last year, the figure was 3.7%. it was even higher in 2011. >> investors did not seem too worried about it. our correspondent at the frank works -- at the frankfurt stock exchange said investors pretty much brushed off the disappointing numbers and found other reasons to buy shares. she sent us this summary. >> traders did not look at the poor export data coming out from germany, but more or less concentrated on the very much positive mood amongst equity markets in europe. the biggest topic here was the biggest ipo on the german market. it went public here for the first day. it was not too great for t

exports to the u.s. fell by 5% and europe by 8%. >> many he lego global demand, that seems to be the position that has just contracted to where it's nearly negative growth across the whole zone. it is not surprising. i think there could be a further softening over the coming months. >> there are also home-grown factors contributing to the trend. for one, the currency has been gaining strength making chinese products more expensive in world markets. the country has also seen steady wage increases. earlier this year, 10 provinces raise the minimum wage, another factor in the erosion of the chinese competitive edge. >> onto market action. with an eye eye on the disappointing data from china, shares of struggling and are correspondent sent us the summary of the trading day from frankfurt. >> after two days of gains on the german stock exchange, the equity market actually came to a bit of a standstill. the reason behind that is mostly stories about the development about the chinese economy after the exports s

net exporter of natural gas in five or six years. we are moving in that direction but one of the reasons why do we need to look at the international energy hello? -- outlook? in a trading environment with things have been outside the u.s. impact our supply and pricing, even if we were totally independent of imported oil if something happens in the middle east that will impact the crisis. >> i feel your pain but while we could draw circles around the united states to make ourselves self-sufficient just think of a hurricane that took out a refinery we will look to you the global market to make that up so it is good to we linked to the international market and enhancing security but we need to be independent as well. >> europe would help out considerably with our gasoline supply. >> host: santa clara california. >> caller: ironically i saw the movie that is in a lot of america right now. sari. i a nervous. this is the first time i have called. so you got my first point but then why should we do that when there are so many options availa

are the exporters going to benefit more now than the domestic companies? >> yeah, i mean, i think exporters will continue to reap the benefits of a stronger u.s. actually. china used to be japan's number one export destination. in 2013, that position changed. now u.s. is number one. so i think the continued strength will offset some of the external demand weakness coming from the slower growth in china. and the only real big risk is the shock to the jgb market through the transmission of volatility due to the fed's uncertainties around fed policies. >> thank you for that. thank you, both. >>> staying with central banks, brazil agreed to raise benchmark interest rate by 50 basis points, 8.5%. the third hike this year. this as policymakers battle inflation and try to support the currency against further depreciation. brazil's economy sluggish with the imf predicting gdp growth of 2.5% this year. chinese officials say glaxosmithkline executives in the country have admitted to bribery and tax violations. the security ministry has been probing allegations that

a few exporter stocks showed weakness as japan is the second largest export market. lost almost 2% today, but japanese banking shares led the rally. they gained around 3% today. the shanghai composite also reversed early losses to end higher by about 0.8%. some big banks turned positive in the afternoon session as short-term interbank rates eased to trade around about 5.5% today. and the property sector also had a volatile day of trade. they saw profit taking this morning after authorities dismissed market chatter about relaxing finance rules for real estate firms. but the bigger players such as china merchant poly real estate all managed to end in the green. moving on to china's big trading partner, australia, the underperformer in the region today. the asx 200 lost about 2% weighed down by political uncertainties at home and those china worries. miners dropped about 1% to 3% today and banking majors also lost ground. back to you. >> all right, we'll catch you later. thanks very much. >>> on the dow jones stocks 600, we start, of course, a new quarter after the firs

the export of charcoal from somalia is outlawed in the united states -- but trade is booming. we have a report on how they are benefiting from the destruction of the forests of somalia. >> this is the black gold of somalia. of charcoalunks sell for $4 million. the mountains of charcoal keep getting bigger as fresh supplies alive dale -- arrived daily. charcoal for more than 50 years. >> charcoal supports me and the people -- from the one who cuts the trees and the one who burns a this and those who would not have anything to do. but the trees are god-given. >> charcoal is one of the biggest exports in somalia. >> we must of this massive destruction to the environment. another trading commodity gets the mainative as rivers start disappearing. >> so much so that land is disappearing fast. he has eight children and has been making charcoal for more than 80 years. he digs up peat and sets it on fire. opportunitiesew here. charcoal is the only way that i can freak -- feed my family. >> that are trying to cut off funding to al-shabbab fighters. this is a resource that is yet to be i

following a drop in imports and exports out of china.th. >> good morning. >> jim, first of all, the trade figures, as week as they were saw the china zhang high composite index up today. is that because you'll see people look at some policy act to support the industry. the old bad news is good news. expectations for policy response are going up but wouldn't surprise me to see the government hold firm and none policy issues they could take like revell programs, not necessarily fiscal changes but could also stimulate nick growth. more of a bump in the road. >> the chinese leaders have made it quite clear they are willing to stomach this with what they have seen with a slowing economy. they want to transition from the export-led model to more of a consumption led one. any reason for the people in the market to really think they are going to come out here and decide for optimal policy support. look across the chinese market and pick areas where there's going to be growth. part of the problem is aggregate demand is week, meaning outside of ch

and the last component is that exports or exports minus imports exports and creased but growth was offset by increased imports and one more important calculation to note is the implicit price deflator the government subtracts price inflation from g.d.p. to count for rising prices over time which is a federal reserve mandate by law however as heritage scholar james he believes the price to flater is vastly undervalued additionally the recent updates to the way government calculates the makes the deflator even smaller now the recent changes to the way g.d.p. is calculated and the flavor of g.d.p. by five hundred fifty billion dollars for the last reported quarter is also decreases our debt to cheap our debt to g.d.p. ratio possibly making the us like more sustainable to its creditors now the government can move the money around all at once we all still were able to read what's in the fine print and coming up next bob talk shop with gonzalo lira and because this is prime and just you know it's all about the fed and then bob jules was breaking the sets abby martin about the new apple lawsuit

and hence no discounts at all exports would also take a huge. by the move exports to russia are estimated to decrease by up to two billion dollars annually if ukraine were to join the customs union exports to russia would be expected to increase by as much as ten billion dollars annually and then there's the issue of infrastructure not only would ukraine lose trade deals and export contracts but the country would be expected to spend money in order to meet european standards for in this drug job whereas the customs union would not expect such an extensive investment program so while ukraine sees closer ties to europe it may be a friendship the country's economy won't be able to afford well certainly a lot of money at stake here thanks for that update katie pulliam artie's stated coping. let's take a look at some other world news now we start in egypt where the prime minister has been authorized to grant soldiers the right to arrest civilians after more than seventy people were killed in clashes in cairo it's feared this may be the first step tow

according to the president's own words the new law lays the basis for expanding our exports of agricultural products with lasting benefits to ourselves and peoples of other lands. oh it's a great boat and the deleterious our football. team are going to break the bonds of their very we play our best effort to help them help them. all whatever period is required not because i mean if they've been doing it not because we think they're both but we did right in one thousand nine hundred eighty one president kennedy acknowledged public love for eighty as being a fundamental importance to the united states and renamed it food for peace. so the primary objective of a policy was surplus disposal but it had a secondary objectives the hope that it would also build future export markets for u.s. agricultural commodities and that it could achieve humanitarian objectives associated with reducing hunger and under-nutrition and that it could perhaps with some our allies abroad. with the same law kennedy founded usaid the u.s. organization responsible for international development which would administer civ

and makes it more difficult for our exporters to them. but there are other factors to consider.nnovation. we lead the world in ip notice vagus, especially in technology and life sciences. there are good opportunities here in the u.s. dennis: buy america, baby. happy july 4 weekend. thanks for being with us. >> thank you. shape we want to update you in egy egypt. reuters headlines are crossing. as you can see, egyptian president's national security adviser says that a military coup, this according to reuters, military coup is underway in egypt. also according to reuters, an aide to morsi talked to reuters and said no military coup cannot succeed without bloodshed and secretary hagel has called the egypt c.c. we're following this breaking news. there are reports, according to ashley webster, that the egyptian military has entered the main tv station in cairo. there's going to be a statement, we'll bring it to you here on fox business. we're going to continue to follow this breaking news. of course, we'll continue to follow the markets and the fact is, we have 38 points higher for

so we export the best in the service side, within the service side where we export the best is in this and intellectual property. at that is where we're growing jobs. so i think actually this revision kind of trues up what we know about the economy with how we're reporting the economy. melissa: well, steve, even with the juicing we only got to 1.7%, which is still not going to create the jobs that we need. we still saw consumer spending rose by 1.8%. that's a slower pace than in the last quart earth. it was 2.3% in the last quarter. so the consumer is getting nervous as well and isn't opening up their poccetbook. right? thoughts on that? >> my thoughts are this has been, you know, a real bump in the road. i don't know if it is just a bump in the road or we crashed into a wall but you know if you look at the last three quarters, melissa, the growth rate has been 1%. that's pathetic. that is treading water at best. i'm optimistic that the second half of 2013 will be better -- melissa: are you still? >> i am. melissa: how much better? how much better? >> i think we can achieve 3% growth i

we are looking at exporting gas. one of many new frontiers. deep rock.into the america produces more gas than russia and the key as fracking. a technique to break up the shale. fracking has been around for years but new techniques keep making it easier because it can get hold of the gas that lies deep underground. then, to turn the drill horizontally and run it right through the layer of rock. the aim, to get a tiny fissures in the rock. millimeterss than a of rock. inside of them are molecules of gas inside. there were chemicals, they are pumped in a high-pressure. this is to widen those fissures. there are tiny grains of sand that are added to the makes and they are designed to hold the cracks open. what it has done is to release the gas. it is then flushed along through the drill pipe and back up to the surface. new research is enhancing how this process happens all the time. it means that the gas boom is underway. amid ass of machinery swarm of pipes. the process is about to begin. of the the heart operation, you need fireproof clothing. t

vegetables will be exported to other countries through jordan. kishida made another proposal to promote local tourism. the region offers a variety of historical sites. >> translator: i hope the projects will nurture mutual trust between japan and the three parties. and help support the peace process there. >> reporter: kishida later visited jordan and met with the prime minister. he promised japan's continued support for refugees from syria where the civil war continues. he also pitched japan's new technology. jordan plans to construct a nuclear power plant. japan's air force came just after remarks by the u.s. secretary of state john kerry. kerry says it had been reached with israeli and palestinian officials to revive the negotiations. japan hopes support for u.s. peace efforts in the region will strengthen the u.s./japan security alliance, but it's not sure if japan's air force in the middle east will lead to peace in the unstable region. reporting for nhk world, jordan. >>> delegates from north and south korea met for a sixth round of talks o

exports, too, may be threatened.l exports continue to thrive is that coal export terminals are controlled by the u.s. army corps of engineers, not by the epa. they report tremendous pressure on obama administration to change that, and if successful, may mean the end of the fuel that powered america. bret? >> doug, thank you. >>> commercial airliners and boats are vulnerable to a type of hacking attack that you've probably never heard of. in a fox news exclusive, senior national correspondent john roberts looks at the troubling possibilities. >> reporter: it was a stunning demonstration of how vulnerable the world's gps system is to hackers, even terrorist groups. in the mediterranean, university of texas professor todd humphreys and his team took navigational control of an $80 million super yacht by spoofing its sophisticated gps. >> we were able to turn the vessel to the left or to the right. we were able to make it follow our heading instead of its intended heading. >> reporter: with a $3,000 device, laptop and ant

we want to make sure, even as we export additional services and we export additional agricultural products we're also building a stronger manufacturing capability in the united states. >> another quick question because we only have three minutes the question i really wanted to get to i was in bejing in january, they have a 4500 members in the chamber. you've u.s. businesses in the chamber there you heard a lot about intellectual properties. it is still the biggest issue. an article the times put out a little while back that said it is costing the u.s. $48 billion in 2009. if they improved their ip protection it would mean $87 billion to the u.s. and greet two million jobs. i know you worked on that. that is is a big issue but i tell you that is very big issue with our country in terms of job creation, the additional economic opportunities for companies in the u.s. where are we at on that? >> that is a very high priority and as recently as last week when we had the strategic dialogue, intellectual property rights, trade secrets, cyber threat featured prominently in that discussion. we keep

. >> staying with economic news and german exports fell unexpectedly in may. suffering the steepest incline in three and a half years -- in 3 1/2 years.

we're exporting at the all-time high now. there's more we can do. it's an essential part we are doing in ttp and tpp. we worked closely with the urinen colleagues even before we -- to underscore the issues. and work with them to resolve long standing disputes like lactics acid and that's going to be important to move forward to address the outstanding issues. on the issue of dispute resolution i.t., as i mentioned, most of what we're seeking in tpp, we call the sps chapter. the underlying discipline are subject to dispute resolution either the wto or the mechanism that we're proposing in tpp. and we think that is the appropriate way of moving forward to ensure there are e feshtd ways as issues arise of getting them resolved on ab exdd we korea -- agree it's a critical area of trade. we want to make sure we have heck ni.s they are fully implemented. >> thank you. i yield back. >> thank you. miss san san you're stepping to the u.s. trade representative at the very excite time. the administration is negotiating agreement with the e.u. european union. w

but also if you look at export, export growth has been one of the biggest -- has -- exporters have beenst successful in europe with some positive growth. and despite the recession that we're seeing in emu. so both export of services and goods is what explains what we're seeing in terms of job creation. >> boris, come in here. you're also looking at the eurozone. do you see any bright spots in these numbers today? >> here is a word we haven't heard in a long time, green chutes. you start applying it to the periphery, you start to see this. yesterday's flash pmi data was positive. i was in madrid a month ago and clearly i thought the mood, my own anecdotal view, was much bet, much more improved. having said this, i think the real story in europe is really going to come down to germany, not going to be portugal, madrid, or rome. it is really goinging to be what is going to happen after the german elections. raid an intere i read an interesting article, while german companies are cosmopolitan in their outlook, german politicians are provincial. the question is after the elections are done,

in exports we have a lot of work. to try to enable and lay a system that will help small to large companies export more of their goods and services. that is the goal of the export complex. it is an infrastructure that can work. there are private companies that are saying we're not going to wait and see, we will debate the keystone pipeline. we will explore. i do not think we're sitting back. i do not think there is cynicism until we come here and start to talk about the problems here. only go back to our home bases. we work and we tried to solve the problems. >> back to calls and comments. your message for corporate america. efficient fuel engines. go ahead with your comments. >> i am the chief consulting .ngineer a we are developing a 30% higher thermal efficiency engine using , diesel, natural gas or jet fuel. efficiency. thermal a car will go approximately 30% more miles per gallon under identical conditions. >> said the number one thing the federal are red can do to to begin this year free to get your product to m

to balance the currency a little bit so that export is still working explore and they want to set up the rain wind farms this is a kind of seamy privatize that is an off the railway system a projection of the government it's not a place they want to grow the next ten years with seven point five percent something like this and this is achievable i guess china is still quoting the world economy this what the figure to say it's no that us grew by four percent china seven point five and this is enough for the charges government at the moment and beijing has been pouring cash into the infrastructure of debt ridden greece making it a gateway for investment and trade between china and europe on top of that china has become a priority market for the greek food business artistic work is going up has more. this is not the set of a movie about the post-apocalyptic world but the old international airport this is what six years of recession twenty seven percent of unemployment and billions of euro in debt look like this important very will be the perfect reflection of the greek economy and since

stimulus now and they want to reduce it taxes for small businesses and they're not on the export they want to balance their currency a little bit so that export is still working explore and they want to set up the railway farms this is a kind of seamy prevent terror that isn't of the railway system and beijing has been pouring cash into the infrastructure of debt ridden greece making it a gateway for investment and trade between china and europe on top of that china's become a priority market for the greek food best and. has more. this is not the set of a movie about the post-apocalyptic world but the old international airport this is what six years of recession twenty seven percent of unemployment and billions of euro in debt look like this important very will be the perfect reflection of the greek economy and since its creditors or the troika demand that greece of reserves nearly seventy billion dollars by the year twenty twenty two it has to sell off its state assets and here is where the chinese come in beijing is only planning to purchase this abandoned facility but is also looki

is on the brink of becoming a major exporter of l.n.g. and that's thanks to the fracking led boom which has been the u.s. gas prices have collapsed at a time when prices in the rest of the world especially europe have jumped gas prices are actually five times higher in europe than in the u.s. so this talk about fracking the process of it right here so this is what it involves you have to dig deep down into the ground to get your shale rock and then what happens here you can see it going sideways just here you plummet a very high pressure. warsaw sound and chemical as you can see it head i want this results in these fishes these fishes that you can see and through these for the fragments of the hole in the rock comes the bubbles of gas they make their way up to the surface and that's how you can extract your natural gas now environments are concerned because there is a risk that the warsaw groundwater can get contaminated from the process live from moscow this is our to you straight back to our breaking news story for you this hour an unma