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Obama, Lee Fail to Agree on Trade Pact on Cars, Beef

President Barack Obama and his South Korean counterpart Lee Myung Bak failed to reach agreement on a free-trade accord as the two nations wrangled over automobile and beef imports to Asia’s fourth-biggest economy.

Talks will resume after the Group of 20 meeting in Seoul, where world leaders are at odds over how to avoid trade imbalances and manage currency discord, Obama and Lee said at a joint press conference in the South Korean capital.