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Obama, Barack - President
Good afternoon, everybody. Before I discuss the G20, I want to briefly comment on the agreement in Iraq that's taken place on the framework for a new... |
| 00:00:4919 sec. |
Obama, Barack - President
This agreement marks another milestone in the history of modern Iraq. Once again, Iraqis are showing their determination to unify Iraq and build its... |
| 00:01:0839 sec. |
Obama, Barack - President
For the last several months, the United States has worked closely with our Iraqi partners to promote a broad-based government -- one whose leaders share... |
| 00:01:4711 sec. |
Obama, Barack - President
Now, here in Seoul, once again, we are very grateful to our hosts -- President Lee, and the people of Seoul and South Korea -- for your extraordinary... |
| 00:01:5825 sec. |
Obama, Barack - President
We came to Seoul to continue the work that has taken us from London to Pittsburgh to Toronto. We worked together to pull the global economy back from... |
| 00:02:2327 sec. |
Obama, Barack - President
The actions we took were not always easy or popular. But they were necessary. As a result, the global economy is growing again. Some economies, especially... |
| 00:02:5016 sec. |
Obama, Barack - President
In short, we succeeded in putting the global economy back on the path of recovery -- but we also know that the progress has not come nearly fast enough,... |
| 00:03:0624 sec. |
Obama, Barack - President
Nor have we yet achieved the balanced global growth that we need. Many advanced economies are growing too slowly and not creating enough jobs. Some... |
| 00:03:3033 sec. |
Obama, Barack - President
So here in Seoul, the question was whether our nations could work together to keep the global economy growing. I know the commentary tends to focus... |
| 00:04:0323 sec. |
Obama, Barack - President
First, we agreed to keep focusing on growth. At home, the United States has been doing our part by making historic investments in infrastructure and... |
| 00:04:2636 sec. |
Obama, Barack - President
Here at Seoul, we agreed that growth must be balanced. Countries with large deficits must work to reduce them, as we are doing in the United States,... |
| 00:05:0231 sec. |
Obama, Barack - President
Second, we agreed that exchange rates must reflect economic realities. Just as the major advanced economies need to keep working to preserve stability... |
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Obama, Barack - President
Third, we took further steps to implement financial regulatory reform. At home, we are implementing the toughest financial reform since the Great Depression,... |
| 00:06:1130 sec. |
Obama, Barack - President
Fourth, we agreed to focus on development as a key driver of economic growth. The work we did here today builds on a new development policy that I... |
| 00:06:4123 sec. |
Obama, Barack - President
Finally, we reaffirmed the need to avoid protectionism that stifles growth and instead pursue trade and investment through open markets. That’s why,... |
| 00:07:0425 sec. |
Obama, Barack - President
And that's why I spoke very frankly to my G20 partners today about the prospects of the Doha Round. For just as emerging economies have gained a greater... |
| 00:07:2919 sec. |
Obama, Barack - President
So, again, I want to thank our South Korean hosts for a very successful summit. I want to thank my fellow leaders for their partnership. Here in Seoul,... |
| 00:07:486 sec. |
Obama, Barack - President
So with that, let me take a few questions. And I’ll start off with Julianna Goldman of Bloomberg. |
| 00:07:5415 sec. |
Q, -
Thank you, Mr. President. A question on the South Korea free trade agreement. If U.S. concerns on autos and beef aren’t adequately addressed over... |
| 00:08:091 min. |
Obama, Barack - President
Well, I’ve always said that I’m not interested in signing a trade agreement just for the sake of an announcement. I’m interested in trade agreements... |
| 00:09:5721 sec. |
Q, -
Thank you. After the midterm elections you said that you were open to compromise on the Bush tax cuts. I’m wondering if you’re prepared today... |
| 00:10:182 min. |
Obama, Barack - President
The answer to the second question is no. I think what we’ve seen over the last several days as we’ve traveled through Asia is that people are eager... |
| 00:12:4332 sec. |
Q, -
Thank you, Mr. President. You came to Asia talking about the deep frustration that Americans feel about the slow pace of recovery in the economy, and... |
| 00:13:152 min. |
Obama, Barack - President
Well, I don’t have a crystal ball, Ben, but I will say this. First of all, we’ve grown the economy by a million jobs over the last year. So that’s... |
| 00:15:3435 sec. |
Q, -
Thank you, Mr. President. This communiqué has a commitment that all countries will refrain from competitive devaluation of currencies. I’m wondering... |
| 00:16:094 min. |
Obama, Barack - President
I’ve been very clear and persistent since I came into office that we welcome China’s rise; we think the fact that China has grown as remarkably... |
| 00:20:2530 sec. |
Q, -
Thank you, Mr. President. I'm hoping to get you in a little bit of a reflective mode. You spoke in your press conference in D.C. about your relationship... |
| 00:20:555 min. |
Obama, Barack - President
That's not how I remember it. I remember our first G20 you guys writing the exact same stories you're writing now about the exact same issues. Don't... |
| 00:26:177 sec. |
Q, -
-- leaders and if you had noticed any change during your time in office -- |
| 00:26:241 min. |
Obama, Barack - President
And I guess what I’m saying is, is that I actually think that my relationships have grown much stronger with the people who I’ve worked with here. When... |
| 00:28:0415 sec. |
Q, -
A quick follow-up. Some are interpreting your senior advisor David Axelrod’s comments to a newspaper back home that your compromise position is to... |
| 00:28:191 min. |
Obama, Barack - President
That is the wrong interpretation because I haven’t had a conversation with Republican and Democratic leaders. Here’s the right interpretation.... |
| 00:29:222 sec. |
Q, -
Oh, sorry, that was actually my quick follow-up -- |
| 00:29:241 sec. |
Obama, Barack - President
Oh, I see. (Laughter.) |
| 00:29:2517 sec. |
Q, -
-- but this leads me right to my real question, which is, speaking of fiscal responsibility, given the fact that the bulk of the expense of extending... |
| 00:29:423 min. |
Obama, Barack - President
Well, the middle class in the United States saw their real wages go down 5 percent over the period of 2001 to 2009, at the same time as all their costs... |
| 00:32:5534 sec. |
Q, -
Thank you, Mr. President. I know it’s not your habit to comment on Fed decisions, but there’s been quite a bit of reporting, if you believe it,... |
| 00:33:294 min. |
Obama, Barack - President
What about compliments? You didn’t put that in the list. There was only complaints, concerns, or -- (laughter.) You know, there was not a lot of... |
| 00:37:3217 sec. |
Q, -
One of your top advisors said this morning that the challenges facing the G20 now are much more manageable than they were at the height of the crisis.... |
| 00:37:492 min. |
Obama, Barack - President
I think what it means is that in the absence of crisis people probably are willing to hunker down a little bit more on some of the negotiations. Speed... |
| 00:40:414 sec. |
Q, -
Unfortunately, I hate to disappoint you, President Obama, I'm actually Chinese. (Laughter.) |
| 00:40:452 sec. |
Obama, Barack - President
Well, it’s wonderful to see you. |
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Q, -
But I think I get to represent the entire Asia. |
| 00:40:49 |
Obama, Barack - President
Absolutely. |
| 00:40:491 sec. |
Q, -
We're one family here in this part of the world. |
| 00:40:5017 sec. |
Obama, Barack - President
Well, your English is better than my Mandarin also. (Laughter.) But -- now, in fairness, though, I did say that I was going to let the Korean press... |
| 00:41:075 sec. |
Q, -
How about will my Korean friends allow me to ask a question on your behalf? Yes or no? |
| 00:41:124 sec. |
Obama, Barack - President
Well, it depends on whether there’s a Korean reporter who would rather have the question. No, no takers? |
| 00:41:163 sec. |
Q, -
(Inaudible.) |
| 00:41:195 sec. |
Obama, Barack - President
This is getting more complicated than I expected. (Laughter.) |
| 00:41:243 sec. |
Q, -
Take quick, one question from an Asian, President Obama. |
| 00:41:279 sec. |
Obama, Barack - President
Well, the -- as I said, I was going to -- go ahead and ask your question, but I want to make sure that the Korean press gets a question as well. |
| 00:41:3647 sec. |
Q, -
Okay. My question is very simple. You mentioned interpretation. I know part of the difficulty being the American President is that some of the decisions... |
| 00:42:232 min. |
Obama, Barack - President
With a wonderful press conference like this that give me the opportunity hopefully to provide my own interpretation. But, look, you make a valid point.... |
| 00:44:3610 sec. |
Q, -
(Inaudible.) |
| 00:44:461 sec. |
Obama, Barack - President
Right. |
| 00:44:4719 sec. |
Q, -
What led your administration to decide to try and extract further concessions from Korea on imports of American beef? And did you miscalculate the... |
| 00:45:061 min. |
Obama, Barack - President
Well, first of all, beef was not the only issue that was of concern. In fact, a larger concern had to do with autos. And the concern is very simple.... |