The Aerospace Industries Association (AIA) recently applauded President Donald Trump’s announcement of his support of the U.S. Export Import (Ex-Im) Bank and his intentions to nominate individuals to the bank’s board of directors.
According to AIA, the president’s announcement is one of confidence and dedication to bolstering American jobs and manufacturing.
If a quorum of at least three directors is reestablished within Ex-Im Bank’s board of directors, there is an increased opportunity to generate additional high-skill, high-wage American jobs as well as increase exports into the country. Last year, aerospace and defense generated 10 percent of all U.S. exports, or $146 billion in exports, which created a trade surplus of $90 billion. Export transactions worth more than $10 million cannot be approved without a full quorum.
Without the bank offering financing comparable to 60 foreign government-backed export credit agencies, American companies attempting to provide quality products to international aerospace customers are hindered.
“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,” AIA said.