US aims to pass China, Germany as exporter-Eximbank
3 hours ago - Reuters
US aims to pass China, Germany as exporter-Eximbank
* Exim bank chief: many US firms face unfair competition
* Hochberg optimistic goal of doubling exports will be met
WASHINGTON, March 31 (Reuters) - The U.S. government has become more aggressive in financing exports to help the United States move ahead of China and Germany to become the world's largest exporter of manufactured goods, the head of the U.S. Export-Import Bank said on Thursday.
"We are the number one manufacturer in the world," Eximbank President Fred Hochberg said in a speech at the bank's annual conference.
"However, when it comes to selling overseas, we fall to number three behind China and Germany. And that is unacceptable," Hochberg said.
Many of the biggest U.S. companies face "unfair" competition from other government export agencies as they try to make sales around the world, he said.
A recent example involved a $500 million rail project to supply 150 diesel-electric locomotives to Pakistan.
Pakistan officials told U.S. manufacturer GE (GE) that they preferred the GE locomotives.
But the Chinese government offered below-market financing that gave the Chinese manufacturer "an advantage that GE could not make up in quality, price or service," Hochberg said.
The U.S. Eximbank put together a competitive financing package "to match China," even though it involved offering more generous rates than usual, he said.
"This significant policy change meant an American company could compete solely on the quality and value of its products and the services it provides. And they would not be undercut because of unfair terms," Hochberg said.
The transaction is still up in the air as Pakistan has not made a final decision yet, he told reporters.
Eximbank was able to match China's cheap financing terms without any subsidies, Hochberg said.
President Barack Obama last year set a goal of doubling U.S. exports to more than $3 trillion by 2015 to help stimulate economic growth and create jobs.
Hochberg said he was optimistic that goal would be met, in part because of an estimated $21 trillion in global infrastructure spending expected over the next 10 years. (Reporting by Doug Palmer; editing by Eric Beech)
So Barrack figures to gain 1.5 trillion per year in exports by spending 2.1 trillion per year to make american exporters more competitive. Good luck with taht is all I can say. Hopefully we are not also targetted in this along with China and Germany, I am sure we are. Lets see, I want to export you 1.5 trillion in goods so I will pay corporations 2.1 to do it. Maybe under the Canadian tax regime but this is not going to work.
3 hours ago - Reuters
US aims to pass China, Germany as exporter-Eximbank
* Exim bank chief: many US firms face unfair competition
* Hochberg optimistic goal of doubling exports will be met
WASHINGTON, March 31 (Reuters) - The U.S. government has become more aggressive in financing exports to help the United States move ahead of China and Germany to become the world's largest exporter of manufactured goods, the head of the U.S. Export-Import Bank said on Thursday.
"We are the number one manufacturer in the world," Eximbank President Fred Hochberg said in a speech at the bank's annual conference.
"However, when it comes to selling overseas, we fall to number three behind China and Germany. And that is unacceptable," Hochberg said.
Many of the biggest U.S. companies face "unfair" competition from other government export agencies as they try to make sales around the world, he said.
A recent example involved a $500 million rail project to supply 150 diesel-electric locomotives to Pakistan.
Pakistan officials told U.S. manufacturer GE (GE) that they preferred the GE locomotives.
But the Chinese government offered below-market financing that gave the Chinese manufacturer "an advantage that GE could not make up in quality, price or service," Hochberg said.
The U.S. Eximbank put together a competitive financing package "to match China," even though it involved offering more generous rates than usual, he said.
"This significant policy change meant an American company could compete solely on the quality and value of its products and the services it provides. And they would not be undercut because of unfair terms," Hochberg said.
The transaction is still up in the air as Pakistan has not made a final decision yet, he told reporters.
Eximbank was able to match China's cheap financing terms without any subsidies, Hochberg said.
President Barack Obama last year set a goal of doubling U.S. exports to more than $3 trillion by 2015 to help stimulate economic growth and create jobs.
Hochberg said he was optimistic that goal would be met, in part because of an estimated $21 trillion in global infrastructure spending expected over the next 10 years. (Reporting by Doug Palmer; editing by Eric Beech)
So Barrack figures to gain 1.5 trillion per year in exports by spending 2.1 trillion per year to make american exporters more competitive. Good luck with taht is all I can say. Hopefully we are not also targetted in this along with China and Germany, I am sure we are. Lets see, I want to export you 1.5 trillion in goods so I will pay corporations 2.1 to do it. Maybe under the Canadian tax regime but this is not going to work.
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