Live Blog: The Third U.S. Presidential Debate

Schieffer asks if labeling China as acurrency manipulator would start a trade war.

Romney says there is already a trade war, a silent one.

Romney says the current situation involving China's trade practices, including holding down its currency, cannot go on.

Obama says the U.S. absolutely has to make more progress but that currency levels are at the most advantageous for U.S. exporters than they've ever been.

He says his administration believes that China can be a partner but is making very clear that the U.S. is a Pacific power and will have a presence in the region.

Romney refutes Obama's statement that Romney would like to see more auto industry jobs overseas.

Obama interrupts Romney to say that he did not say he would provide government help to the auto companies.

Romney criticizes Obama for investing in companies pursuing energy efficiency rather than research.

Greatest threat to U.S. national security

Obama cites terrorism and then transitions to talking about China, which Schieffer outlined as the next topic of discussion.

Obama mentions cases in which the admnistration fought unfair Chinese trading practices.

Romney says the greatest national security threat is a nuclear Iran.

Romney says the U.S. can be a partner with China if they're willing to be responsible.

But he says China is looking to see if America is going to be strong. He says a Romney administration would also make sure the U.S.-China trade relationship "works for us."

He repeats that he would declare China a "currency manipulator" from day one.