One of the reasons for that is that people think it’s more attractive, in some cases, to go offshore than to — than to stay here. We have made it less attractive for enterprises to stay here than to go offshore from time to time.

What I will do as president is make sure it’s more attractive to come to America again. This is the way we’re going to create jobs in this country. It’s not by trickle-down government saying, we’re going to take more money from people and hire more government workers, raise more taxes, put in place more regulations. Trickle-down government has never worked here, has never worked anywhere. I want to make America the most attractive place in the world for entrepreneurs, for small business, for big business to invest and grow in America.

Now, we’re going to have to make sure that as we trade with other nations, that they play by the rules, and China hasn’t. One of the reasons — or one of the ways they don’t play by the rules is artificially holding down the value of their currency, because if they put their currency down low, that means their prices on their goods are low. And that makes them advantageous in the marketplace. We lose sales, and manufacturers here in the U.S. making the same products can’t compete.

China has been a currency manipulator for years and years and years. And the president has a regular opportunity to — to label them as a — as a currency manipulator but refuses to do so. On day one, I will label China a currency manipulator, which will allow me as president to be able to put in place, if necessary, tariffs where I believe that they are taking unfair advantage of our manufacturers.

So we’re going to make sure the people we trade with around the world play by the rules.

But let me — let me not just stop there. Don’t forget: What’s key to bringing back jobs here is not just finding someone else to punish — and — and I’m going to be strict with people who we trade with to make sure they — they follow the law and play by the rules — but it’s also to make America the most attractive place in the world for businesses of all kinds. That’s why I want to bring down the tax rates on small employers, big employers, so they want to be here. Canada’s tax rate on companies is now 15 percent. Ours is 35 percent. So if you’re starting a business, where would you rather start it? We have to be competitive if we’re going to create more jobs here.

Regulations have quadrupled. The rate of regulations quadrupled under this president. I’ve talked to small businesses across the country. They say we feel like we’re under attack from our own government. I want to make sure that regulators see their job as encouraging small business — not crushing it. And there’s no question but that “Obamacare” has been an extraordinary deterrent to enterprises of all kinds hiring people. My priority is making sure that we get more people hired. If we have more people hired, if we get back manufacturing jobs, if we get back all kinds of jobs into this country, then you’re going to see rising incomes again. The reason incomes are down is because unemployment is so high. I know what it takes to get this to happen, and my plan will do that, and one part of it is to make sure that we keep China playing by the rules. Thanks.

MS. CROWLEY: Mr. President, two minutes here because we are then going to go to our last question.

PRESIDENT OBAMA: OK. We need to create jobs here. And both Governor Romney and I agree, actually, that we should lower our corporate tax rate. It’s too high.