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President Barack Obama, anxious to spur growth and tackle high unemployment, Thursday laid out a plan for tougher enforcement of trade laws, government advocacy and credit assistance to double U.S. exports in five years.
Obama also prodded China to move to a "more market-oriented exchange rate," which he said would make a big contribution to putting the global economy on a healthier path after the worst economic downturn in decades.
"We have to rebuild our economy on a new, stronger, more balanced foundation for the future, a foundation that will advance the American people's prosperity at home, and support American leadership in the world," Obama said in prepared remarks at the U.S. Export-Import Bank's annual conference.
That means the United States cannot "stand on the sidelines" as other countries are busy negotiating trade deals, said Obama, who first announced his goal of doubling exports in his State of the Union speech in January.
High U.S. unemployment is fueling anxiety about trade and trade agreements, which many of the president's fellow Democrats blame for million of manufacturing job losses. Obama recognized that concern, but said the U.S. economic future depended on producing more to export abroad.
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