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00:00THAT FIELD. IT IS CHRYSTIA FREELAND, CANADA 'S MINISTER OF INTERNATIONAL TRADE. FIRST OF ALL, CONGRATULATIONS ON TIGHTENING THINGS UP WITH GERMANY. WE HAVE THE REST OF THE EU TO REALLY, FIND OUT IS IT, THE LAST FINESSING OF THE DEAL TO GET IT DONE? >> THAT IS RIGHT. WE HAVE A BIG MOMENT THIS WEEK. THE EU TRADE MINISTERS ARE COMING TOGETHER AND THEY VERY KINDLY, INVITED ME TO JOIN THEM. I AM LOOKING FORWARD TO THAT. AS YOU SAID, CAROLINE, THE MEETING YESTERDAY, WHICH I WAS INVITED TO ADDRESS, AND I WAS REALLY HAPPY TO DO THAT, THAT WAS AN IMPORTANT MOMENT. THE COALITION PARTNERS HERE IN GERMANY, THE VICE CHANCELLOR IS THE LEADER. THERE WERE SOME CONCERNS INSIDE THE PARTY REGARDING WHETHER THE PARTY WOULD BE WILLING TO SUPPORT THIS TRADE AGREEMENT. I AM REALLY HAPPY TO SAY AT THE END OF A LONG, AND REALLY FASCINATING AND WELL INFORMED AND LONG DEBATE INSIDE THE PARTY, THEY CAME OUT YESTERDAY MORE THAN 2/3 SUPPORTING THE AGREEMENT. SO, THANK YOU VERY MUCH, GERMANY. GUY: MINISTER, CAN I ASK YOU A QUESTION FROM LONDON? THE STORY SEEMS TO BE GETTING MORE DIFFICULT FOR INTERNATIONAL TRADE. GLOBALIZATION, MAYBE WE HAVE HIT A PEAK. MAYBE WE ARE HITTING THE PEAK OF THE IDEA THAT COUNTRIES WANT TO BE MORE INVOLVED. YOU HAVE SPOKEN ABOUT HOW TOUGH IT WAS TO GET THIS OVER THE LINE FOR GERMANY. WHAT DOES THE NEXT JOB YOU HAVE TO DO LOOK LIKE? >> GUY, I THINK YOU ARE ABSOLUTELY RIGHT. THE STORY IS VERY TOUGH RIGHT NOW PORTRAYED. I WOULD SAY, FOR THE IDEA OF AN OPEN GLOBAL ECONOMY OVERALL. YOU AND CAROLYN, BASED IN EUROPE, ARE SEEING THE RISE OF UGLY, PROTECTIONIST ANTI-GLOBALIST SENTIMENT IN EUROPE. WE CAN SEE A LOT OF THOSE FEELINGS BE EXPRESSED IN THE U.S. ELECTION CAMPAIGN. AND SPEAKING AS CANADA'S TRADE MINISTER, CANADA IS VERY WORRIED ABOUT THAT AND CANADA IS PROUD TO BE A VOICE IN THE WORLD SPEAKING AGAINST THAT. WE REALLY SPEAK FOR THE OPEN SOCIETY. WE ARE A COUNTRY THAT BELIEVES IN OPEN TRADE, AND WE ARE OPEN TO IMMIGRATION. WE THINK THAT IS BEST FOR CANADIANS, AND WE THINK IS BEST FOR THE WORLD. WE ARE OUT HERE, TALKING TO OUR FRIENDS, OUR PARTNERS, OUR ALLIES, AND MAKING THAT CASE. CAROLINE: HOW DO YOU NEGOTIATE WITH POTENTIALLY, DONALD TRUMP TAKING THE HELM? DOES THAT BRING OPEN TRADE TO THE STANDSTILL WHEN THE LEADER OF THE UNITED STATES IS AGAINST IT? >> WELL, THE U.S. HAS NOT HAPPENED YET. WE HAVE AN INCREDIBLY CLOSE AND TIGHT AND PRODUCTIVE AND FRUITFUL RELATIONSHIP WITH THE U.S. THERE IS MORE TRADE DONE IN GOODS AND SERVICES BETWEEN CANADA AND THE UNITED STATES BETWEEN ANY OTHER TWO COUNTRIES IN THE WORLD. WE ARE CONFIDENT THE AMERICAN VOTERS WILL MAKE A GREAT CHOICE. WE ARE ALSO CONFIDENT, THIS IS A RELATIONSHIP THAT HAS ENDURED BEFORE CANADA AND THE UNITED STATES EXISTED. WE WILL CONTINUE TO TRADE AND BE GREAT FRIENDS, THE MATTER WHAT. GUY: MINISTER, THE WORLD SEEMS TO BE MOVING TOWARD THE IDEA THAT WE WILL SEE FISCAL EXPANSION MAY BE TAKING OVER THE HEAVY LIFTING FROM MONETARY POLICY. THIS IS BEING TALKED ABOUT AROUND THE WORLD. THE LOGICAL EXTENSION OF THAT IDEA IS YOU COULD SEE MORE PROTECTIONISM. IF YOU ARE GOING TO SPEND MONEY, YOU DON'T WANT IT LEAKING OUT OF YOUR ECONOMY. WOULD YOU RAISE TRADE BARRIERS? IS THAT SOMETHING YOU THINK COULD HAPPEN? >> LET ME OFFER A DIFFERENT PERSPECTIVE. SO, WE WERE VERY HAPPY IN CANADA, I THINK IT WAS JUST LAST WEEK. I AM TRAVELING SO MUCH THAT I AM LOSING TRACK OF MY TIME ZONES. I THINK IT WAS LAST WEEK THAT WE HAD CHRISTINE LAGARDE IN TORONTO AND IN OTTAWA. WE SPENT A LOT OF TIME TALKING WITH HERE ABOUT CANADA'S DOMESTIC ECONOMIC POLICIES. AS YOU KNOW, GUY, WE HAVE BEEN EARLY ADVOCATES OF USING FISCAL POLICY TO GET OUR ECONOMY GOING. WE CAMPAIGNED ON A SIGNIFICANT INFRASTRUCTURE FOR JOBS AND GROWTH. THAT IS WHAT WE HAVE DONE. LA GARDE WAS IN CANADA TO TALK ABOUT WHAT SHE THINKS, WHAT CANADA IS DOING IS WHAT THE REST OF THE WORLD SHOULD EMULATE. BUT YOU ARE QUITE RIGHT. A STRONG FISCAL POLICY IN ONE COUNTRY ALONE DOES NOT HAVE THE IMPACT THAT A UNITED FISCAL POLICY WOULD HAVE. THAT IS WHAT THE IMF IS CALLING FOR AND WHAT CANADA HAS BEEN VOLLEYING FOR IN THE G-7 AND G-20. I THINK QUANTITATIVE TIGHTENING IS A VERY INTERESTING POINT. BOTH THE BOJ AND THE ECB COULD BE PUSHING UP AGAINST THE TECHNICAL LIMITS OF QUANTITATIVE EASING. SO, WE REALLY THINK THAT NOW IS THE TIME TO BE USING FISCAL POLICY TO GET OUR ECONOMY IS GOING. SECULAR STAGNATION IS REAL AND IT IS SOMETHING WE NEED TO BE CONCERNED ABOUT. IT IS TIME FOR ALL OF US TO BE INVESTING IN INFRASTRUCTURE FOR JOBS AND GROWTH. WE WILL BE TALKING ABOUT AT THE IMF AND WORLD BANK MEETINGS THIS FALL. CAROLINE: YOU ARE READING FROM THE SAME SHEET THAT DRAGHI IS READING FROM AS WELL.

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Global Trade Amid Anti-Globalization Sentiment

Minister of International Trade for Canada Chrystia Freeland discusses progress made in the Canada-EU trade deal and hurdles to free trade in general. She speaks with Guy Johnson and Caroline Hyde on Bloomberg Television’s “On The Move.” (Source: Bloomberg)

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