Top manufacturing CEOs joined NAM’s Jay Timmons in New York City today for a discussion on manufacturing opportunities, threats, and policy priorities in the latest installment of the NAM’s Executive Insights Series. Panelists included Jeff Immelt, Chairman and CEO of General Electric, John Lundgren, Chairman and CEO of Stanley Black & Decker, Kellie Johnson, President and CEO of ACE Clearwater Enterprises, and David Seaton, Chairman and CEO or Fluor Corporation.
Photo by David Bohrer, National Association of Manufacturers
With legislation to reauthorize Trade Promotion Authority (TPA) hanging in the balance, and the uncertain fate of the U.S. Export-Import Bank (Ex-Im), set to expire in a week, the conversation centered heavily on just how important trade is to manufacturers in the U.S. Panelists agreed that manufacturing is making a comeback— powering the U.S. economy and creating good-paying jobs for American workers. 95 percent of the world’s population lives outside the U.S. Manufacturers need TPA, which would help ensure the best possible outcomes for the U.S. in pending trade negotiations, to access the majority of the world’s consumers.
Likewise, the Ex-Im is a powerful tool for trade that manufacturers of all sizes rely upon to fill in export financing gaps where the private sector cannot. America’s global competitors utilize more than 60 other export credit agencies and, according to a recent NAM study, our major trading partners provide nearly half a trillion dollars in assistance annually to Ex-Im’s modest $27 billion contribution. If Congress fails to renew the Ex-Im Bank, it shows the rest of the world the U.S. is withdrawing itself from the global marketplace.
In order to continue to promote economic growth and support America’s job creators, Congress must work together to pass TPA and reauthorize the Export-Import Bank. Manufacturers must continue to push for market-opening trade deals and tools that level the playing field and increase global competitiveness.
New York is the sixth stop on NAM’s second annual Executive Insights series—which will continue throughout the summer in leading manufacturing cities. Follow NAM on Twitter (@ShopFloorNAM) for more information on our next stop in Cleveland!