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Friday
Nov122010

Obama in Japan: Asian Markets Critical to Economic Growth, Job Creation 

Photo Courtesy - Getty Images(YOKAHAMA, Japan) -- On his last stop of his 10-day Asian tour, President Obama said that that America’s security and prosperity is “inextricably linked” to that of Asia and increasing U.S. exports will create American jobs.

“In today’s interconnected world, what happens in Japan or China or Indonesia also has a direct effect on the lives and fortunes of the American people,” he said at the APEC CEO summit in Yokahama, Japan.

The president said his goal of doubling U.S. exports in the next five years is directly related to job creation in America.

“With every $1 billion we sell in exports, five thousand jobs are supported at home,” he said. “And jobs supported by exports pay up to 18 percent higher than the national average.”

Yet the president failed to find support.  The president failed to convince the South Koreans to open their markets to American beef and cars - at stake $10 billion in exports and 70,000 American jobs. He failed to push Chinese President Hu Jintao to change policies that make it cheaper to manufacture in China by artificially building up the dollar and holding down Chinese currency.  And with a $227 billion dollar trade deficit with China, Mr Obama was unable to convince the other G20 leaders to agree to use stronger language on currency manipulation in the joint declaration or firm actions on trade imbalances.

Mr. Obama once again warned that nations with large trade surpluses cannot depend on exports to U.S. consumers, noting that the recent economic crisis taught a harsh lesson on the limits of that strategy.

“Going forward, countries with large surpluses must shift away from an unhealthy dependence on exports and take steps to boost domestic demand,” he said. “No nation should assume that their path to prosperity is simply paved with exports to America.”

Copyright 2010 ABC News Radio

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