Last Friday, President Obama visited the Boeing assembly facility in Everett, Washington to announce new steps to promote American manufacturing and increase U.S. exports. Manufacturing represents nearly 60 percent of total U.S. exports, and Boeing, whose CEO Jim McNerney is Chair of the President's Export Council (PEC), is one of the country’s leading exporters of manufactured goods with more than $34 billion in total exports in 2011. The PEC is chartered to advise the president on real ways to boost innovation, competitiveness, and trade for American businesses. Mr. McNerney brings great skill and know-how to the PEC.
The Obama administration has provided important support to Boeing’s export success, and the president has made unprecedented efforts to open up markets for American goods and to level the playing field for all American companies. Over the past year, the president has signed into law a series of trade agreements that will provide a major boost to our exports by making it easier for American companies to sell their products in South Korea, Colombia, and Panama. In addition, record-setting efforts at the Export-Import Bank–through direct loans, credit guarantees, and credit insurance–have helped U.S. exports remain on target to meet the president’s goal to double exports between 2010 and 2015.The good news is that we are on pace to achieve the president’s export goal. Exports are up nearly 34 percent over the level of exports in 2009, exceeding $2.1 trillion in total value in 2011. But we can still do more. The president has been engaged in unprecedented dialogue with U.S. businesses across the country through the PEC and other ways to develop smarter and better programs and services that will increase exports even more.
The president’s announcement at Boeing is the most recent of a series of executive actions laid out in the Blueprint for an America Built to Last to put Americans back to work and strengthen the U.S. economy. These initiatives will create jobs and make U.S. businesses more competitive in the global economy:
- Financing to Put American Companies on an Even Footing
- New Credit for Small Business Exporters
- A Call to Reauthorize the Export-Import Bank
- A Simplified Process for Foreign Trade Zones
- Legislation to Make it Easier for America’s Businesses to Export (PDF)
- A Presidential Memorandum to Strengthen the Export Promotion Cabinet
- The Launch of BusinessUSA
To continue to show the importance of his Export Council, the president strengthened the Council on Friday by appointing two new members: Denise Morrison, President and CEO of Campbell Soup Company, and Gary Loveman, Chairman, President, and CEO of Caesars Entertainment Corporation. Ms. Morrison and Dr. Loveman join the other members of the Council to continue to advise the president and make recommendations on ways to increase competitiveness and exports for American businesses. Up to 28 business leaders, five Senators, five Members of the House of Representatives, the heads of the National Governors Association and the U.S. Conference of Mayors, and 17 heads of executive departments, agencies, and offices comprise the Council. The president’s announcement reflects many of their recommendations, such as this letter on Export-Import Bank financing PDF) from March 2011. You can find more information about the President’s Export Council and all of their recommendations on the PEC website.
For more information about the president’s announcements, please see the White House press release.