That’s not a “typo” in the blog title – Jenny Fulton is the owner and “Chief Pickle Officer” of North Carolina-based Miss Jenny’s Pickles. Fulton, like so many other small business owners and exporters throughout the United States, uses the U.S. Export-Import (Ex-Im) to insure her overseas pickle exports. Through using the Ex-Im’s credit insurance, Jenny’s Pickles has been able to carve out a niche in the international market, which is something the company would likely not have been able to do otherwise. (continue reading…)
As House and Senate discussions around the Trade Facilitation and Trade Enforcement Act of 2015 (H.R. 644) continue, one emerging sticking point is whether to include in the final conference report a process that would allow for the elimination of longstanding distortions in the U.S. tariff code by temporarily eliminating taxes on imported products not available in the United States. (continue reading…)
As highlighted in the National Association of Manufacturers’ new Trans-Pacific Partnership Priorities report, the final Trans-Pacific Partnership TPP agreement should ensure that cross-border data flows are permitted across all 12 TPP countries, without restriction or local storage/processing requirements for all types of providers, while ensuring IP rights are protected. A final deal should also prohibit foreign localization requirements that would require the use of local information infrastructure as a condition to conduct or expand business operations. Why is this issue so important to manufacturers? (continue reading…)
How Protecting Property and Innovation with Fair Processes and Strong Standards in the TPP Are Vital to Improve Competitiveness and Promote Prosperity
America was built on hard work, respect for private property and the rule of law. With basic due process, equal protection and property protections core to the U.S. Constitution and laws such as the Administrative Procedure Act and laws protecting innovation and intellectual property, America has forged the most innovative and resilient manufacturing sector in the world. (continue reading…)
U.S. exports of manufactured goods have helped grow U.S.-based manufacturing and support millions of good-paying jobs. At the same time, manufacturers face significant tariff, non-tariff barriers and other unfair trade practices in many Trans-Pacific Partnership (TPP) markets. An ambitious TPP agreement must level the playing field for manufacturers in the U.S. by eliminating these barriers, which will be critical to growing manufacturing in this country. (continue reading…)
Today the National Association of Manufacturers (NAM) hosted a Shopfloor briefing for congressional staff about the need to reauthorize the U.S. Export-Import (Ex-Im) Bank, a critical tool for U.S. exporters. The briefing comes after a late-night vote in the U.S. Senate on an amendment to reauthorize the Ex-Im Bank through FY2019, which was attached to a highway funding bill. Now that the Senate has passed an Ex-Im reauthorization with broad support, all eyes turn to the House of Representatives to do the same.
U.S. Representative Chris Collins (R-NY), who spent 36 years as a small business owner, gave remarks that emphasized the importance of the Ex-Im Bank to U.S. small businesses. Rep. Collins knows firsthand the value of exports to small businesses and their employees.
Despite bipartisan support in both the House and Senate for Ex-Im reauthorization, Congress allowed the Ex-Im Bank’s charter to lapse on June 30 for the first time in its history. As a result, companies like International Green Structures (IGS) are unable to move forward with new projects. IGS is a small manufacturer of environmentally sustainable materials used to make a variety of structures including affordable houses for low income populations in developing countries. David Kralik, a member of IGS’s finance team, said during today’s Shopfloor event that his company is in a “holding pattern” until the Bank is reauthorized because it needs Ex-Im Bank support for a contract in Nigeria. Learn more about IGS’s Ex-Im story by clicking here.
Trade policy experts also participating on today’s panel included Matthew Ekberg, Vice President of International Policy for the Bankers Association for Finance and Trade; Howard Schweitzer, Managing Partner at Cozen O’Connor Public Strategies; and Georgette P. Sierra, Vice President of Government Affairs at the Financial Services Roundtable. These panelists provided insight into the public-private partnership between private-sector lenders and the Ex-Im Bank, the growing role of foreign export credit agencies (ECAs) and the important role that the Ex-Im Bank plays in mitigating risk for exporters and lenders. If Congress fails to reauthorize the Bank before it begins the August recess, U.S. businesses and the jobs they create will continue to be at a competitive disadvantage.
Right now, more than 60 foreign export credit agencies ECAs across the globe help support their respective domestic industries. The nine largest ECAs of our allies and competitors–Brazil, Canada, China, France, Germany, Japan, Mexico, South Korea and the United Kingdom–provide nearly half a trillion dollars in annual export support, putting manufacturers in the United States at a deep disadvantage in competing for sales overseas. As our foreign competitors continue to expand into new markets and grow jobs in their own economies, Congress has forced U.S. manufacturers to forfeit opportunities and sit on the sidelines.
The Ex-Im Bank is a critical export tool for U.S. manufacturers and helps businesses of all sizes compete in the global marketplace. Learn more about the impact the Ex-Im Bank has on manufacturers of all sizes by clicking here.
NAM TPP Priorities: Open Markets and Strengthen Global Competitiveness to Grow Manufacturing in the U.S.
Striking new high-standard and market-opening trade agreements with other countries is essential to strengthening America’s manufacturing edge. Across the United States, manufacturers of all sizes are increasingly turning to trade to expand their customer base, grow their business, access critical inputs from overseas and create and sustain jobs here at home. Thanks in substantial part to past trade deals, U.S.-manufactured exports topped $1.403 trillion in 2014 – the highest level in America’s history – and are contributing to the continued growth of manufacturing in the United States, which also reached its highest level ever, with $2.09 trillion in output in 2014. (continue reading…)
A group of small- and medium-sized business owners joined President Obama at the White House Wednesday in a private meeting to share their stories about how the U.S. Export-Import (Ex-Im) Bank has helped their companies grow, compete in the global marketplace and support jobs in their respective communities. Among attendees were Love & Quiches Gourmet, Air Tractor and Manhasset Specialty Company. (continue reading…)
Manufactures of all sizes continue to engage foreign markets to grow their businesses and hire workers in the United States. Access to export credit insurance and loan guarantees for foreign buyers of U.S.-made goods helps these companies compete. For Rhode Island-based manufacturer, Cooley Group, the U.S. Export Import Bank’s timely credit decision-making process and affordable credit insurance for its foreign receivables has helped the company reach new customers in 11 foreign countries. (continue reading…)
The Bureau of Economic Analysis and the Census Bureau said that the U.S. trade deficit edged slightly higher, up from $40.70 billion in April to $41.87 billion in May. The deficit has been highly volatile so far this year, ranging from $37.25 billion in February to $50.57 billion in March, but the year-to-date average of $42.57 billion in 2015 is nearly identical to the $42.36 billion average observed in all of 2014. The May increase stemmed largely from a decline in goods exports (down from $129.34 billion to $127.72 billion) that more than offset the decrease in goods imports (down from $189.65 billion to $189.23 billion). At the same time, the service sector trade surplus inched up marginally from $19.62 billion to $19.64 billion. (continue reading…)