Council on Foreign Relations President Richard Haass says the failure by the U.S. to conclude a free trade agreement with South Korea was an extreme disappointment for President Barack Obama during his recent Asia trip.

Haas made the remark when he appeared on the MSNBC TV program, “Morning Joe,” on Monday.

He said that during his trip to South Korea, Obama didn’t clinch the trade deal and that he probably won't for several months.

Haas added that the whole G20 summit in Seoul was a failure and that Obama’s disputes with Chinese and European leaders over monetary policies were an embarrassment.

Asked to comment on criticism from other countries over U.S. fiscal policies and big spending, Haas said that everyone in the world is dependent on the U.S.-run dollar, the world’s reserve currency.

He said that if the U.S. is seen to be running the dollar only for American political and economic reasons, the rest of the world will respond by saying that it is dependent on U.S. financial management and that the U.S. must think about the larger world.