G-20 Summit: Obama Faces Setbacks as Economic Meeting Begins

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"The currency manipulation has cost us 20 million jobs," said Peter Navarro, a professor of economics and public policy at the University of California, Irvine. "Ten million that we've lost by the Chinese destroying a lot of our manufacturing industries."

Continued President Obama in September, "What we've said to them is, you need to let your currency rise. In accordance to the fact that your economy is rising, you're getting wealthier, you're exporting a lot, there should be an adjustment there based on market conditions. They have said yes in theory, but in fact they have not done everything that needs to be done."

China Fights Back

In Indonesia this week, Obama said, "We do want to make sure that everybody is operating within an international framework and set of rules in which countries recognize their responsibilities to each other."

But China is fighting back, accusing the U.S. of currency manipulation, and pointing to a recent decision by Federal Reserve chair Ben Bernanke to inject $600 billion into the fragile U.S. economy to spur manufacturing and increase U.S. exports.

German Finance Minister Wolfgang Schaeuble said, "It doesn't add up when the Americans accuse the Chinese of currency manipulation and then ... artificially lower the value of the dollar."

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