Published on Sat, Mar 13, 2010 at 14:12 | Source : Reuters
Updated at Sat, Mar 13, 2010 at 15:26
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US will help Eximbank double exports in 5 yrs
President Barack Obama's administration will ensure the US Export-Import Bank has the resources its needs to help double exports in five years, US Treasury Secretary Timothy Geithner said.
It's important that the United States shift away from an economy that consumes more than it produces, and boosting exports will help do that, he said.
At the same time, putting the global economy on a more sustainable path means "making sure that countries around the world are moving from the kind of export, investment-led strategies of the past, (that) countries like China are moving toward strategies that rely more on domestic consumption and domestic demand for future growth," Geithner said.
In a separate speech to American Apparel and Footwear Association, US Trade Representative Ron Kirk acknowledged the Obama administration "has been honestly biased on the export side" when it comes to trade.
"Consumer choice, lower prices (as a result of imports) are good. But I promise you, none of us want to raise our children in a world that America's just the world's greatest consumer," Kirk told the importers group. Both Kirk and Geithner said it was important for the United States to avoid protectionism as the government gears up efforts to boost exports.
Kirk said he opposed, however, a bill that would unilaterally eliminate US tariffs on imported shoes because it would favor one country too much. Industry officials said it was clear he was referring to China.
