Great news about the Administration’s new export initiative! The National Association of Manufacturers has long been supportive of a significant effort to boost U.S. exports. Of the 15 major manufacturing nations the United States is dead last in the proportion of production that we export.
So how do we double exports in five years?
The dollar cannot be overvalued. Global currencies should reflect their actual market values.
Modernize export controls. Modernizing the export control system will strengthen national security, focus limited resources on truly sensitive technologies, promote U.S. technological and scientific leadership, and improve economic competitiveness. In addition, modernization creates more than 340,000 new jobs and increases exports by nearly $60 billion over the next 10 years.
Open access to markets. The United States enjoys a manufactured goods trade surplus with countries we have a free trade agreement with. We already have low tariffs, and FTAs work to lower the tariffs of other countries.
Export promotion. Thousands of U.S exporters export to only one or two countries. Adding one or two more to their markets would increase total exports by a third.
We applaud Secretary Locke’s new export initiative and look forward to work with Administration to increase manufacturing exports.
Frank Vargo is NAM’s vice president, international economic affairs.
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