July 17, 2012 1:17 PM

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Prez Obama will not concede 21st century industries to China, India

A White House official says that US President Barack Obama will not concede industries of the 21st century to China, India or Europe, a top presidential aide has said as he defended the administration's loan guarantee programme.White House Press Secretary, Jay Carney, told reporters this to reporters in Ohio. Opponents had been attacking Obama, highlighting reports of top donors landing plum administration posts and securing government aid. They cite at the top of that list the Department of Energy loan guarantees that went to alternative energy companies. Carney said the investments made in the Recovery Act have already helped renewable energy production double in the United States.The statement came after the World Trade Organization announced a major victory for the US in a trade dispute with China.Carney said that Obama feels very strongly that taking action to ensure that American companies and American workers are able to compete on a level playing field with China and other countries is something that resonates across the country with Americans.

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