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This can't go on. I want a great relationship with China. China can be our partner. But — but that doesn't mean they can just roll all over us and steal our jobs on an unfair basis.
PRESIDENT OBAMA: Well, Governor Romney's right. You are familiar with jobs being shipped overseas, because you invested in companies that were shipping jobs overseas. And, you know, that's your right. I mean, that's how our free market works.
But I've made a different bet on American workers. You know, if we had taken your advice, Governor Romney, about our auto industry, we'd be buying cars from China instead of selling cars to China. If we take your advice with respect to how we change our tax codes so that companies that are in profits overseas don't pay U.S. taxes compared to companies here that are paying taxes, now, that's estimated to create 800,000 jobs. The problem is they won't be here; they'll be in places like China. And if we're not making investments in education and basic research, which is not something that the private sector is doing at a sufficient pace right now and has never done, then we will lose the lead in things like clean energy technology.
Now, with respect to what we've done with China already, U.S. exports have doubled, since I came into office, to China. And actually, currencies are at their most advantageous point for U.S. exporters since 1993. We absolutely have to make more progress, and that's why we're going to keep on pressing.
And when it comes to our military and Chinese security, part of the reason that we were able to pivot to the Asia-Pacific region after having ended the war in Iraq and transitioning out of Afghanistan, is precisely because this is going to be a massive growth area in the future. And we believe China can be a partner, but we're also sending a very clear signal that America is a Pacific power, that we are going to have a presence there. We are working with countries in the region to make sure, for example, that ships can pass through, that commerce continues. And we're organizing trade relations with countries other than China so that China starts feeling more pressure about meeting basic international standards. That's the kind of leadership we've shown in the region. That's the kind of leadership that we'll continue to show.
