Fox News contributor Dr. Robert Reich, a professor at UC Berkeley, joined Stuart Varney on “Varney & Co.” to discuss former President Barack Obama’s goal to increase U.S. exports under his Canada-EU Comprehensive Economic and Trade Agreement (CETA).
The agreement is meant to help U.S. manufacturers by reducing trade barriers with Canada and the European Union, and investing in research and development in Canada.
Obama said an earlier trade deal between Canada and Mexico had failed because the countries had too much sway over each other.
If signed into law, CETA would create a trilateral trade bloc, which would challenge China to a place in the world economic power, which has more than half of the world’s GDP.
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Dr. Reich said that two Republicans who also endorsed Obama’s goal to double exports in ten years were John McCain and Mitt Romney.
He said that opening up trade across the Atlantic and Pacific oceans would benefit U.S. workers as well as consumers.
He said the United States has come to see trade with China as a loss, not a profit.
Dr. Reich agreed with Varney that Canada’s trade with China would be a big first step in addressing China’s impact on the global economy.
“It’s not a huge trade. It’s a highly dynamic business,” Reich said.
Watch more above.
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