Michigan Senator Debbie Stabenow and a top Obama Administration trade Official were in Detroit Tuesday, talking about how to boost U.S. exports. President Obama wants to double U.S. exports by 2015. Under Secretary for International Trade Francisco Sanchez joined Stabenow to trade ideas with local business leaders. Sanchez says the Obama administration is making progress on leveling the playing field for U.S. exports. He points to their work negotiating a better free trade deal with South Korea, which he says will especially benefit U.S. automakers.
“Today we have a good agreement that when ratified by the Congress and fully implemented, will generate $11 billion in additional exports and support more than 70,000 high paying jobs.”
But both Sanchez and Stabenow acknowledge U.S. exports still face many barriers, especially in large emerging markets like China. Stabenow shared a story from last year’s Beijing Auto Show.
“I saw a Cadillac CTS, made in Michigan just a few miles from my house in Lansing, that has a 25% tariff on it when it’s sold into China. We don’t have that same tariff when it’s sold here.”
Stabenow and Sanchez also say significant non-tariff barriers remain for U.S. products.
U.S. exports did grow by 17% in 2009.