November 11th, 2010
09:17 AM ET

U.S., South Korea trade talks stall

American and South Korean negotiators failed to reach agreement on a new trade pact during President Barack Obama's visit to Seoul, creating new delays and obstacles for an accord that the White House has said could translate to an additional $10 billion in U.S. exports and 70,000 American jobs.

A long-running dispute over U.S. access to Korea's auto and beef markets was largely responsible for the failure, according to the White House. 

Obama tried to put a positive spin on the setback during a joint news conference with South Korean President Lee Myung-bak.  

"We have asked our teams to work tirelessly in the coming days and weeks to get this completed, and we are confident that we will do so," he said.

Reaching a deal "could be a win for the overall economic partnership between our two countries by bringing us closer together, allowing us to benefit from each other's innovations, and ensuring strong protections for workers' rights and the environment."

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Filed under: Barack Obama • G-20 Summit • South Korea
soundoff (2 Responses)
  1. kadi m clark

    Well, well, well. Bet we never thought we "mighty" Americans would be running around, trying to beg "third world countries" for access to food and jobs. Every American should read Ms. Huffington's "Third World America". I don't know how long we thought we could be arrogant as to thinking we could keep cutting education, sticking it to the Middle Class and exporting our jobs. Now the chickens are coming home to roost. A word of advice: sell your home (if it hasn't already been foreclosed) and mopve to a nice, neutral country like Sweden or Denmark.

    November 12, 2010 at 12:05 am | Report abuse |
    • Sheilah Blanco

      And just what have YOU been shoving into YOUR shopping carts?

      November 13, 2010 at 11:16 pm | Report abuse |