AIA: President Trump’s Support is Key to Restoring Ex-Im Bank and American Competitiveness
The Aerospace Industries Association welcomes President Trump’s announcement of his intentions to identify nominees for the U.S. Export Import Bank Board of Directors in an interview with the Wall Street Journal today. In voicing support for Ex-Im Bank, President Trump has demonstrated his commitment to put American jobs and manufacturing first.
AIA has long been a champion of Ex-Im Bank, and eagerly looks forward to the opportunities a fully functional bank will open for our industry. Aerospace and defense generated $146 billion in exports last year – 10% of all U.S. exports – creating a trade surplus of $90 billion. Those numbers can grow even greater, as can our ability to generate additional high-skill, high wage American jobs, if Ex-Im Bank’s Board has a quorum of at least three Directors. Export transactions worth more than $10 million can be approved only if this quorum is filled.
The overwhelming bipartisan supermajorities in the House and Senate that reauthorized Ex-Im Bank in 2015 understand that bank financing supports small- and medium-sized American suppliers who make intricate parts and components for exported aircraft and satellites. About 56% of the value of our industry’s exports can be attributed to the aerospace supply chain.
International aerospace customers want to buy quality American products, but without the Bank offering financing comparable to 60 foreign government-backed export credit agencies, American companies are at a competitive disadvantage in a very competitive global marketplace.
The aerospace and defense industry is grateful for President Trump’s support to level the playing field for U.S. companies against foreign government export financing and let American products compete on their merits. We look forward to working with the administration and Congress to realize our industry’s full potential to grow American exports and create thousands of high-skill, high wage American jobs.