The G20 Conference In Seoul - Trade, Currency, And Korea's Futur
Currencies, cars and cows all blocked U.S. administration goals in bilateral meetings ahead of the Group of 20 summit of the world's top economies that kicked off Thursday night in the South Korean capital.
President Obama and Chinese leader Hu Jintao spent most of their 80-minute huddle discussing the often contentious issue of the Chinese yuan, White House press secretary Robert Gibbs said. But no breakthrough emerged on faster appreciation of a currency Washington says is deliberately undervalued to aid Chinese exporters.
Despite extensive, last-minute negotiations, Obama and South Korean President Lee Myung Bakannounced that a long-awaited free-trade agreement still needs work. The sticking points: greater market access for U.S. automobile and beef exports to Korea, U.S. Trade Representative Ron Kirk said.
"This is the first-ever time that the big man's meeting is held in Asia, and in a developing nation," said Shin Wha Lee, a political scientist at Korea University in Seoul. "We have finally become one of the rulemakers, not only a rule-taker."
>> Read the original article on USA Today