ask for the wto for a waiver. because then you can do it. that could, as far as i'm concerned, make the whole wto implode from within because then you will see plural laterals with requests for waivers on issues which we certainly won't like. >> you and i have had a lot of interesting conversations about different trade issues over the course of the last two years. this is one where i don't agree with you. i'm not too worried about implosion. and i'll tell you an anecdote to tell you why. we had at mc-8, this ministerial meeting last december, on the first day the first thing we did at mc-8, there was this huge celebration to -- to acknowledge and recognize the fact that we had just concluded a non-mfn plural lateral agreement called the gpa agreement. about 48 hours later at the press conference concluding the ministerial meeting, there was all of this hemming and hawing about how there might be a new mfn plural lateral agreement that would be able to destroy the plural lateral system. i've never quite been able

reports to china annually on compliance with wto commitments. the most recent report is 127 pages long. filled with problems. the u.s. has used the formal dispute settlement process to address these issues only in a handful of cases. one case has remained open since 2007. even in the rare cases that we get justice, it's not speedy justice. despite all the structures of the wto, china cheats and continues to get away with it. if this is what we get from china which ranks 75th on the the countries on transparency international corruption perceptions index, what can we expect from russia, which ranks a dismal 143rd on the same list. china was not granted pntr without condition and without delay. it takes only a couple pages of legislative text to repeal jackson vannic, but the bill congress passed hat six separate subtitles dealing with the u.s.-china relationship. given the current problems with our trade relationship with china, it probably wasn't enough. it is simply unreasonable to believe that pntr can be extended to russia without a more thor

russia's going into the wto. this is not a negotiation like panama or one of the other trade treaties we had where we were opening up and lowering tariffs and doing things. we're not here. we don't do anything, russia's in the wto, and if we don't lift it, we're denying our own workers. that's all that happens here. what's interesting is that -- i hope senator kyl, you've seen the letter recently by russian opposition activists stating their strong view that the continued application of jackson vanic to russia is "not helpful for the promotion of human rights and democracy in russia." and in efforts to punish russia with restrictions only "darken russia's political future, hamper its economic development, and frustrate its democratic aspirations." i think we've got to listen to the folks in russia on the ground fighting for some of these things, number one. and russia's going to join the wto whether or not we grant pntr. and granting pntr is the only way american workers and producers are going to see the benefit

russia will join the wto whether or not the u.s. grants pntr status. the vote to accord ntr to russia is about one thing and one thing only. it's about the ability of american companies to compete on a level playing field according to the same set of rules with foreign companies, all eager to do business in a fast-growing economy. i urge this committee and the full congress to allow the american economy and american workers to be able to reap the benefits of these opportunities. thank you. >> thank you, mr. pollett, very much. mr. taylor? >> good morning, chairman baucus. >> good morning. >> senator kyl, distinguished members of the committee. thank you for the opportunity to speak to you on behalf of the montana stock growers association regarding our point of view on russia's accession to the world trade organization. my name is watty taylor, and i'm a rancher from kirby, montana. i currently serve as the president of the montana stock growers, one of the nation's oldest and most historically significant cattle ranching organization established in 18

russia's going into the wto. this is not a negotiation like panama or one of the other trade treaties we had where we were opening up and lowering tariffs and doing things, we're not here, we don't do anything, russia's in the wto and if we don't lift jackson vanek, we're denying our own workers, that's all that's happening here. what's interesting is, i hope senator kyle you have seen the letter here, stating their strong view that the continued application of jackson vanek to russia is, quote, not helpful for the promotion of human rights and democracy in russia. and efforts to punish russia by retaining jackson vanek future hampers the economic development and frustrate it's democratic aspirations. so i think we ought to listen to the folks in russia who are on the ground fighting for these things. russia going to -- the nptr is the only way that the -- if we want to cut off our nose to spite our face we can sit here and complain about what's happening there, it's a pretty simple equation. so let me ask you, m

russia is the largest economy currently outside the wto. it is the sixth largest economy in the world. to allow american businesses, workers, businesses, ranchers to see the opportunity that wto presents, congress must act. we must pass permanent, normal trade relations or pntr to access the growing russia market. if the united states passes the pntr with russia, u.s. exports to russia are expected to double within five years. if congress doesn't pass pntr, russia will join the wto any way and u.s. exporters will lose out to the chinese and european competitors. these competitors will expand the one side of the agreement that benefits the businesses and requires them to give up nothing in return. unlike a free trade agreement, the united states will not further open its market to russia. we will not make any other changes to our trade loss. it's a one-way street. russia, on the other hand, will lower its tariffs, its markets to u.s. service providers gain access to telecommunications, banking, and other key markets. u.s. meat producers will

so china is making case to the wto, and china did win the case it's the case at the wto. so i hope that the trade enforcement authority could correct its mistake and be -- be -- your second question is about china's reform is not deepening, right? premier report, made the nation is very comprehensive point regarding china's reform. so i fully support and agree with the points he mentioned. so i wonder whether you could be more specific? for example, the world bank -- has made a target for china to reform a state-owned enterprise sector. so all these reforms should be incorporated into the master plan. for example, break down the monopoly, for example, energy sector, and also for the private sector and the state sector to enter into operations in various sectors, which were not encouraged in the past. but i think the economic structure, which is more dominated by the public sector economy, or staid economy will remain unchanged, because it has been written into china's code. for example, two our swervings. swerving number one is we will have to

they are going into the wto.if we don't go with it kind it is about losing jobs is our business as well go down basically our competitors. if real-life examples i could give you. >> senator menendez. now, senator kerry, you are next. i'll let you decide between themselves who is ready. do you want to it, senator? okay, senator menendez. >> thank you, mr. chairman. i want to pick up where some of my colleagues have spoken about here. i appreciate that russia presents a tremendous business market for american companies and that wto rules will hopefully level the playing field for american companies to do business in russia. but at the same time, lifting jackson-vanik is a huge benefit to russia and all of you businesspeople understand the essence of leverage in negotiations. that is not something abstract. you can do that all the tentative businesses. it seems to me a moment in which there is leverage at the end of the day. and this is a huge benefit to russia both ethically and economically and a lot of us are not

bdo as ano to the of industry do we can go to the wto as an industry. we have to go to the government and of the government doesn't want to handle these issues, we're stuck. you could say bilara

they're going into the wto. if we don't go wit, it's about losing jobs because our businesses are all going to go down vis-a-vis our competitors, and i have real life examples i could give you. >> senator mendez? senator kerry, you're next. >> thank you. >> well, let them decide between themselves youant to wait, sen? >> i'll wait one round. >> senator mendez. >> thank you, mr. chairman. i want to pick off -- pick up where some of my colleagues have spoken about here. i appreciate that russia presents a tremendous business market for american companies and that wto rules will hopefully level the playing field for american companies to do business in russia. but at the same time, lifting is a huge benefit to russia. and i'm sure all people understand the essence of leverage in a negotiation. that's not something that is abstract. i think you do that all the time in your businesses. it seems to me this is a moment in which there is leverage at the end of the day. and this is a huge benefit to russia politically an

today we're especially pleased to be joined by deputy ambassador to the wto michael punk. everyone has his bio in front of you. but ambassador punk has worked in the trade from 1995-96. he served as senior policy -- agriculture trade to intellectual property prosection. from '93 to '95 he served as the advisor to economic affairs. from 1991 to 1992, ambassador punk was international trade council to senator max baucus. he also worked on international trade issues including at the o of mayor brown, row and mah. and from 2003 to twi2009, he advised trade issues along the banks of the riverton in missoula, montana which is a job i want to figure out how to do. he was the professor at the university of montana offering two books a fiction and nonfiction and some screen plays and he deserves a lot of credit for pressing the wto to acknowledge the december ministerial that it was at an impasse with respect to the dea. but he began to shift the organization towards more productive discussions about the next steps in the multilateral trade agenda. so ambassador punk, thank you for

for the last year, the figure will wait until the wto releases it. so 11% export made by 19% were the population is not a very good proportion. and the population is much smaller but it's a share in the world export trade is similar to that of china. so china no longer emphasizes that we are an exporter country. at this moment, china is the biggest exporter in the world. at the same time, we should be remember that china is also the second biggest importer important country in the world. so i am very confident that since we have $1.3 billion people, we have very big space for adjustment and the next few years china will become the biggest importer in the world by 2020. the total china's domestic market will become the biggest one in the whole world. given all this said, i'm not worried about any negative impact of ideology. ideology is not welcomed in the trade world. and ideology is not in a position to challenge the principal of aprilneopen fs and play. china will be the biggest market, biggest importer in the world and at the same time china is ab

companies their workers and shareholders receive the benefits from the outset of russia's long-awaited wto membership. i'll be pleased to respond to any questions that the committee may have. >> thank you. >> chairman baucus, senator kyle and distinguished members of the committee, thank you for the opportunity to testify today on a subject that i feel is of critical importance, the opportunity to grow the u.s. economy and u.s. jobs by establishing u.s. trade relations with russia. i'm a u.s. citizen born and raised in new york, i joined ge in 1991 and for the past 13 years have been living and working in russia. for the peace six years, i have served as chairman of the chairman of commerce in russia. so i've been in a unique position to witness firsthand the dramatic changes russia has undergone in such a short period of time almost 1.2 million in u.s. origin ofrds in russia, up from 410 million in 2010. it's suppliers in the united states and we believe that our sales with pntr could triple by 20 to. russia is looking to -- ge health care will see tariffs fall from 15% to 4.3%. some 10,0

we think joining the wto and being inside as a wto member that has most favored nations russia gives us more leverage to the table and to be on the outside. finally you mentioned -- let me just remind everybody we took very seriously what happened. i personally met with his mother. we met with people that work with him and met many times with bill who was working at the time, and met with senator cardin to retrieve years ago and a meeting with senator cardin i think on saturday. we agree those -- the gross human rights offenders should not have the opportunity to travel to the united states. we agree, and we agree so much but we've already taken action. we've taken those actions for the obama administration. we first, whether it was in parallel to the affair was in a sequence we did last august the president signed an executive order to get the executive branch more authority to make those kinds of decisions about growth human rights violators, university violated because we believe this should not be just a rush a specific thing it should be universal principle. and we've taken that

on taking china to the wto later this day. charl? >> still ahead on "world business today," boeing's billions. the united states is reprimand by the world trade organization over illegal grants to the aviation giant. and an unlikely marriage made in money. china's top online video provider snaps up its main rival to save costs. we'll be telling you what investors make of the move. [ female announcer ] want to spend less and retire with more? then don't get nickle and dimed by high cost investments and annoying account fees. at e-trade, our free easy-to-use online tools and experienced retirement specialists can help you build a personalized plan. and with our no annual fee iras and a wide range of low cost investments, you can execute the plan you want at a low cost. so meet with us, or go to etrade.com for a great retirement plan with low cost investments. ♪ sksksk me.reat retirement plan with low cost investments. [ male announcer ] even if you think you can live with your old mattress... ask me how i've never slept better. [ male

. >> in looking at this wto dispute, it's not only the u.s. but japan and the european union so is there significance that we're not alone in making this claim against the chinese government? >> well, yeah, i think so. i mean, i think it gives force to the argument when you have three major economies like the european union, japan and the united states all saying that china is not abiding by its commitments and they have shared interest in a successful outcome of this case since their industries are dependent on access to these rare earth and currently the biggest source of supply is in china. >> so what the core issue, where is the dispute? >> the dispute is over export restrictions that china has impose on these rare earth minerals that are used in variety of products. clean-energy products. advanced technology products. like iphones and solar panels and electric cars. advanced batteries for electric cars. so, you know, those are kind of seen as the jobs as the future and everybody's keen to make sure that they're in a position to be able to

none of us here object to the proposition that russia can exceed to wto with u.s. approval and our good folks doing business abroad will do even more and that will help us here in the united states. there's no disagreement about that. the question is, how do you negotiate the very best situation with a country that has dragged its feet over and over and feet over and over on. i hope to get to the ucos situation in a moment. you talked about the practical problem of the russia court system. given the track record you identify, do you have concerns of russia pntr with the intellectual property reforms and other wto commitments s reduces the ledverage we might have? >> yes. i know when you move into the area where i lack the expertise where i say one is better than the other, i have to point out i'm the wrong person to tell you we need to make the adjustments before and after ptnr. as music creators, unlike these gentlemen and i understand your stance to completely -- we are in a position whether it is granted or not, our music will continue to grow and the movies wil

so when it comes to reform, i think opening up is our priority, and china as a member of the wto ten years later needs to be more tolerant at the open. so opening up, further opening up, will are used a a means to promotes reform and innovation. only by presenting our own businesses, chinese companies, in front of the global population, in the global marketplace to compete there on a fair basis can chinese companies grow more competitive. thank you. next question? >> translator: the lady in the second row. [ speaking in foreign language ] >> minister, could you please share with us some information concerning the loss, financial loss, suffered by chinese companies in libya as well as the latest situation of their engagement in the after-war reconstruction in that country? the second part of my question is, what kinds of measures will the chinese government employ in order to ensure the interest and rights of chinese companies working abroad, particularly in libya and other arab countries, because recently we have seen some turbulence or turmoil in some arab countries causing financia

the three parties plan to negotiate in china with accordance with the wto. if they cannot resolve the dispute, they will ask the wto officials to step in with advice. u.s. president obama said he will take a firm stance toward china. >> we prefer dialogue. that is especially true when it comes to key trading partners like china. when it is necessary, i will take action if our workers and our businesses are being subjected to unfair practices. >> chinese foreign ministry spokesperson defended his government's position. he said china's policy to control the exports is aimed at protecting the resources and environment. >> translator: it's true that china is taking measures to restrict exports of rare earth metals, but they are consistent with the wto rule. the accusation that china has an effective monopoly on the market is false. >> the case highlights the need for diversifying suppliers the metals. >> we advanced our schedule so we could get our materials out to the market. >> smith told nhk world that his company will supply rare earth metals this year. he a

agreements in the wto, like the government procurement agreement. china is negotiating in succession to the gta. we are very pleased to see progress there. of coarse, enforcement of the existing commitment. the industry just went through and enforcement. , and we think there is value in the wto is process because they're our existing commitments that are good and we would like to see the government continue to abide by them. i thought it would spend the bulk of the time talking about ita expansion. that is where the tech industry and cisco, we really see an opportunity to open new markets. as myron has said, ritually be started with 29 countries joining the information technology agreement back in 1996. now we are up to 73 countries. i think 44 of them are in fact developing countries. trade from 1996 until 2008 has grown in it products from $1.2 trillion to $4 trillion. it has been quite a successful agreement for our sector. for developing countries, there exports grew doing that. 34% compared to developed countries exports that grew 7%. it has be

the united states believes that having russia in the wto is very much in the interest of the kind of rule s-based economic system that we think benefits american s and that we are very couldn't on establishing firmly for the 21st century, so, we are looking to have the congress vote to grant permanent normal trade relations to russia because it's a vote to create american jobs. for u.s. businesses, farmers and workers to receive the maximum benefit from russia's entry into the with wto, we have to give unconditional permanent normal trading relations treatment to russian goods that we provide to all wto members. that commitment requires us to terminate the application of the jackson-vanek amendment. and that achieved its purpose by helping thousands of jews immigrate from the soviet union. and it's not any longer the kind of active tool that we need to continue human rights vis-a-vis russia, because we want to continue to press for human right s inside russia but failure to lift that law will put our farmers and manufacturer s and american businesses, at a disadvanta disadvantage. so

i think of the wto. we look at those issues and the view was, why is this not in our mutual interests? we gave them a bunch of explanations for why we had not reached agreement on a set of those issues. his idea was with more engagement of the government. first at the highest level, including him personally. second, across the government. that is why we created the bilateral presidential commission. we would have a better chance of realizing win-win outcomes, as the president used that phrase, then if we were just every now and again communicating with them. that was the first idea, engagement is a means to this end, not the other way around. the second part of the recent, very important, was that as a engaged with the russian government, we were going to try to increase engagement with russian society in parallel to that. we meant both engagement of russian government, american government officials with civil society as we have practice from the very beginning, including when president obama was in mosc

we think joining the wto and being inside as the wto member that has most-favored-nation status gives us more leverage to be at the table than on the outside. finally you mentioned magnificent. let me just remind everybody we took very seriously what happened. i personally met with his mother. we met with people who worked with him. met many times with bill browder who he was working for at the time and senator cardin. we met on wednesday. we agree that the gross human rights offenders should not have the opportunity to travel to the united states. we agree. and we agree so much we have already taken action. we have taken those actions with the obama administration. it was in parallel -- not exactly a sequence. we did last august, the president signed a new executive order to give the executive branch more authority to make those decisions about gross human-rights violations. universally by the way. we believe it should not be just a russia specific thing that universal principle. that is the executive order the president signed and we have taken that action. we have taken action -- w

of course you can say it violates the wto and i would argue be my guest in the wto. i might even help you. but i have looked at that and i don't think it is as easy as you said. it's because you could argue that a disproportionate. it's a different approach, and i'm actually looking for work because we had at the moment several cases in front of the body at the wto which would bring hopefully some results for what the trade means, and the closed cigarette case against the united states is well known in europe and because they could be quite an interesting case where we can all see what it means. but we have made -- what we have suggested to the wto as a mechanism to you deal with these barriers in the form that you allow the companies that complain about dimond tariff issues to bring a kind of mediation case that would result not binding on the parties but hopefully helping to understand what is the problem? because of course you can go to the settlement and then it takes about three years which i think is a relatively short time. but very often my companies say that

officials say china broke the promises it made when joining the wto. the european union joined the chorus of criticism. it's demanding the immediate release of export restrictions. on tuesday, the chinese foreign ministry defended the country's rare earth policy. >> they said china has the responsibility to protect the environment and the country's natural resources. the chinese government controls both protection and export of rare earth minerals. it says it needs to prevent environmental damage from mining activities. but some believe beijing has another motive, promoting the transfer of foreign technology by attracting high-tech companies to china. nhk's correspondent in beijing says the chinese government can use rare earth supplies as a bargaining chip. under wto procedures, the united states, eu and japan will first discuss their complaint directly with china. if this fails to settle the dispute, they can ask the international trade watch dog to set up a panel of experts to make a ruling. china has had a history of run-ins with the pto. the organ

extend pntr and have rush of the end of wto. if we stop there, then we have only done part of the job. as i said in my or zero remarks, i said that this is something that -- oral remarks, i said this is something congress and the administration should work together to accomplish. it non- -- >> this is not a partisan issue. the administration and congress need to work together. when we are most likely to get cooperation, which has been very difficult, that is my question. >> one have sentenced to finish. >> thank you, sir. i think it is important that congress seizes the opportunity to ask the administration to come forward with a plan for how they are born to implement these other sides of the triangle. >> we will withhold action until the plan is forthcoming. we can negotiate with the russians. none of us here object to the proposition that russia can exceed wto with u.s. approval. our good folks doing business abroad will do even more and that will help us here in the u.s. how do you negotiate the very best situation with a co

trade but not at all addressed by the wto.gs can you do. but i think there's a more fund fundamental issue that against going into the wto that members are playing the same game and you know, the truth is, that we have a world divided between countries that are more or less, let's say, let's say fair, free trade. for those countries the market is an end itself. if outcomes are a market outcome, it is an accepted legitimate outcome. you have a group of other countries that are playing neomercantilism, which is the market is a tool to get to the outcome but if you're not getting to outcome then you tweak the market. that difference in attitude and philosophy really needs to be bridged in some way before you can really resolve this problem. >> clyde, an important voice. thanks for beating the drum on this. i think our leaders are ready on both sides it try and take this on seriously. thanks for joining me today. thanks as always to our diverse sports-involved mega panel from everywhere. jonathan, imogen and rob, see you guys soon

germany's given half the benefits of wto with russia. so if we don't pass it, what's going to happen is they immediately have a major benefit from a cost standpoint to us and instead of seeing our business grow four or five times, we'll see our business shrink. >> senator, i think one of the reasons why we're still small over there is because historic and geographic issues pretty far away. germany is much closer, france is much closer, much more competitive as well. i think one of the things the countries do is a very much focused on exports. bring out their principals, sell their products, that's something the u.s. could do more. help our governments help sell more. and i think the improvement of u.s./russia relations has helped improve the business case and it's going to help us going forward. we might say the relationship is not improved, but i think it has improved pretty much over the last several years from what it used to be. and that's helped u.s. business, helped open doors. >> if we don't grant russia pntr status, the second qu

the united states believes that having russia in the wto is very much in the interest of the kind of rules-based economick benefis and that we are very keen on tht century. so we are looking to have the congress vote to grant permanent, normal trades toruss. it's a vote to create american jobs. for u.s. businesses,s to receiv benefit from russia's entry into the wto, we have to give unconditional permanent, relati russian goods that we provide to all members. that commitment requires us to terminate the jackson amendment. it achieved its historic purpose by helpiho union. it's not the tool we need to promote personal rights vis-a-vis russia because we want to continue to press for humrus. but fare failure to lift it will put our farmers, businesses at a disadvantage. we very much hope congress will grant to russia, lift jackson-vanik, lift the need for -- with respect to your important questions and areas of concern, congressman, i'll just end by saying we strongly support the work we're doing with colombia and brazil to promote racial and ethnic equality. we do have the means to con

agreement, and he has taken more trade, more wto actions against china than his predecessor. you've just seen us file a very important case on china rare earth. you've seen the success of the tire case. you've seen the president just put forward a new inner agency trade enforcement task force to make sure we have the capacity, the language skills to bring more significant cases against our -- against competitors who are not playing by the rules. so i think this president has taken a very aggressive approach, much more so than his predecessor in leveling the playing field with china, and you've seen that consistently and you've seen it over the last two months. we do agree that their currency should be market based. it has improved under president obama's watch and urging, but not enough. but if you look at the overall policy towards china, it has been one that has been very tough. it has been one that is essentially saying to them that as you are -- as you are playing a big role in the global economy, you have to play by the rules and that we are willing to use the rule based

decision to complain to the wto n. the meantime, china will actively prepare to defend itself. we'll talk more about this with doug palmer. he's following the story for reuters in washington, d.c. he'll join us in the ekt next half hour. let's turn our attention to capitol hill. the top democrat and republican sparring today over whether judges or a house-passed jobs bill should be next on the agenda following the expected passage of a new transportation bill. the standoff between harry read, the senate democratic leader. he allowed a swift vote on the jobs act in exchange for republicans agreeing to drop their objections to the judicial nominees. republicans accusing senator reid of holding the jobs bill hostage until they relent on some of those would-be judges. the exchange back and forth. let's take you do the senate floor with harry reid and mitch mcconnell. >> it's a question of priorities. we do agree we ought to pass this jobs bill. certainly if it were called up, it would be open for amendment and the majority leader could offer the xm bank amendment if he chose and ot

case at they wto. i hope the trade enforcement authority will correct its mistake -- your second question is about chinese reform, right? >> speaking chinese >> you mentioned a very comprehensive point regarding the chinese reform. i fully support and a great -- and agree with the points you mentioned. i wonder whether you could be more specific. for example, the world bank has made a target for china to reform its state-owned enterprise sector. all these reforms should be incorporated into the master plan, for example, to break down the monopoly in the energy sector and for the private sector and a state-ounce sector to enter into operations in various sectors which are not encouraged in the past. i think the economic structure which is more dominated by the public sector economy or state- on the economy, will remain unchanged. it is being returned to the chinese coast. code. we will have these sectors play a major role in the chinese national economy. when it comes to reform, opening up our party in

the three parties plan to negotiate with china in accordance with the wto procedures. if they cannot solve the issue through the talks, they will request dispute settlement consultation. u.s. president barack obama indicated he would take a firm stance toward china. assistants -- stance towards china. >> we prefer dialogue, and that is especially true when it comes to key trading partners like china, but when it is necessary, i will take action if our workers and our businesses are being subjected to unfair practices. >> chinese foreign ministry spokesperson lee wei min defended his government's position. he said china's policy to control rare earth metals is aimed at protecting the country's natural resources and environment. >> translator: it's true that china is taking measures to restrict exports of rare earth metals, but they're consistent with the wto rules. the accusation that china has an effective monopoly on the rare earth market is totally groundless. >>> the governor of the bank of japan, masaaki shirakawa, wants to defeat deflation. he says that's one of t

the three parties plan to investigate with japan with the wto procedures. if they cannot solve the issue through the talks, they'll request consultation. china's foreign ministry spokesperson defended the government's position. he said china's policy to control rare earth exports is aiming to protect the environment. >> translator: it's true that china is taking measures to restrict exports of rare earth metals but they're consistent with the wto rules. the accusation that china has an effective monopoly on the rare earth market is totally groundless. >>> u.s. internet firm yahoo! is suing facebook over a patent dispute. yahoo! claims the world's largest social networking site as infringed ten of the patents regarding online advertising and privacy protection. representatives for yahoo! filed a lawsuit on monday with the federal court in california. the company says much of facebook's growth was made possible by an unauthorized use of yahoo!'s innovation. yahoo! is seeking damages but has yet disclosed how much. the company is under new management and tryin

and in every case, the wto has ruled in our favor. i want to make it plain. we do not seek a trade war with china. but we don't believe that taking actions to hold china accountable to the covenants that it made when we allowed them to join the rules-based trading system to behave in a certain way. our trade with china has exploded over the last several years. but american manufacturers deserve a level playing field. they shouldn't be pressured to have to move their manufacturing to china to have access to these critical materials. and china shouldn't be allowed to distort the global supply. so we are hopeful working with the eu we can get them to behave the way they said they would. >> is the administration getting tougher with china because it's an election year and they're counter republican criticisms that the administration is too soft on china? >> no, absolutely to the contrary. the reason i gave you that litany of cases, mandy, we made enforcement of our trade rights for our workers and manufacturers a hallmark of the obama administration's trade polic

we can't go to the of bdo as an industry do we can go to the wto as an industry.f the government doesn't want to handle these issues, we're stuck. you could say bilateral issue and we have market access team dealing with these issues and bilateral discussions, but it would be much more useful to have an independent third person looking at the issue and that's why we have decided for this mechanism of mediation. >> somebody independent says, i have a feeling that this goes to the boulevard. or, i do not see a problem. in both situations, you are still free. i think reach maybe too big a question. you have issues were you could, at least, argue that the importer has a more difficult job to do than the domestic producer. if that is the case, then you can go to a fully fledged settlement or you solve the problems through a mediation process and hopefully the government would react. >> i will have to bring our discussion to a close which i hope will continue over the lunch. i understand that lunch is at the back of the room. i encourage everybody to go and serve your c

that's why we worked so hard to secure russia's invitation into the wto. that's why i have asked congress to repeal jackson-vanik, to make sure that all your companies and american companies all across the country can take advantage of it. and that's something that we're going to need some help on. this is about creating a level, rules-based playing field in the growing russian market. because when it comes to competing for the jobs and the industries of tomorrow, no foreign company should have an advantage over american companies. when the playing field is level, american companies will win, american workers will win, and this country will win. and one of the most important things congress can do right now for companies like yours, to sell your ideas and your products and your services around the world, is to reauthorize the export-import bank at the appropriate funding level. this is something that we're going to be focused on in the coming weeks and months. during the financial crisis, trade finance dried up all around the world, and the ex-im bank live

we will turn to the wto rules to protect our own interests. thank you. >> thank you. the next question is in the middle, fourth row, the lady in purple. [speaking chinese] [speaking chinese] >> i have several questions for minster chen. on monday, we've listened to the report of the work of the government delivered by premier wen jiabao, and according to the report, continuing to accumulate domestic demand will remain a top priority of the work of the chinese government. at the same time, we are aware that some consumption boosting such as home appliances and trading old home appliances for new ones have come to the end, so the question is will the ministry of commerce incorporate a new round of stimulus or stimulative measures to build domestic consumption, and if that is the case, what is the timetable, in which format, or what sectors or regions will be the focal point? my second question is related to the current situations in china where we are suffering high circulation costs which has negatively effected the functioning of the chinese economy and improving of c

hearing the wto rules. the russian government has made it clear that they are going to not give us special privileges because we have worked this out. i know there is hope for that. no, we won't. we will still get the lower tariffs because the russians like a so much for what we did to get them in the wto. we pulled them in to do a lot of things. that was a difficult set of negotiations. there are some forces in russia that would be delighted to see that go to other countries. on economics, this is a no- brainer. others would argue that we need this for democracy and human rights. this is over on capitol hill earlier this morning. our answer is the following. we are not going to have an argument on the diagnostics with anybody on the hill. we will not claim that russia is more democratic than you think. we are not born to get into that kind of argument. russia has problems with these issues. we disagree with the prescription. we do not believe that holding onto jack said the advances the cause of democracy

russia did care about wto, only some people in russia did. it's a hotly debated issue, as anders knows better than i. but it open, they supported and they wanted it. they did create leverage on us. it work. we heard those arguments and on poultry and pork are the ones i remember in particular, and we went back and we argued on we think we got the right kind of do. so there was a logic back then, but with russia joining the wto that had no leverage on us. we are done. that train has left the station so it's really hard to understand in his interest holding this, does serve. >> so it is clear what you said, and if you're right, certainly our study which is out for you to pick up on the way out, i encourage you to do so. it's on the table. makes the case as mike said, but if you write that that's a no-brainer in economic terms, which we certainly think is correct, so then it comes down to linkage, and people want to link the abolition of jackson-vanik with something else. your obvious a close to what's going on on the hill, which a prediction an

because the wto panel ruled last year europe provided $18 billion in subsidies to airbus. kirk says that today's ruling shows that european subdid siddys are far larger and more disruptive than anything the u.s. does for boeing. >>> ford taurus the subject of safety investigation. the national highway safety administration reporting it has received 14 complaints from drivers whose throttles became stuck in the opens position. government is looking at cruise control cables in 2005 and '06 ford tauruses that allegedly became detached. the agency did not cite crashes or injuries related to the issue. >>> the u.s. job market is mending. the american transportation association says americans took 10.4 billion rides on subways, commuter traipse, light rails and buses last year, 200 million more rides than 2010, the second most since 1957. analysts say that the rising gas prices to $4 a gallon in some states is also sending more commuters onto public transport systems. >>> it was a mixed bag for the markets today, although the dow did manage to extend the winning streak four days

i think china is prepared to obey the wto rules. we talk about subsidy, and, of course, all governments, the government is immune from some form of government support. but at the end of the day, any measures taken against china would have to comply with wto rules. >> mark, are you concerned about hard lending in china, or is this an issue that the rest of the world should factor in? >> i think the key point is not the absolute number, whether it's 8, 9, or 10. andrew making a point about exactly -- the wto rules will be followed, and you'll have a lot of noise, a lot of rat until europe, in the u.s., anywhere there's an election, you have to find somebody to blame. it's quite clear it's not cheap chinese exports that's the problem. it's whether you want to export your technology and so on. so i don't think china's going to have a hard landing at all. it will have a slower rate of economic growth, but that's the lower big numbers. you can't keep growing at 15% in nom am terms without causing imbalances and i think they're managing th