Nov 08 | 2018
Conversation is a forum of thought leaders, commentaries, letters, editors’ notes and note-worthy social media from Breakbulk’s audience and staff.
Capt. Bill Schubert, president, International Trade and Transportation Inc. Schubert, a strong proponent of the Export-Import Bank of the U.S., served on a Breakbulk Americas panel which discussed the bank’s inability to act due to the Senate's failure to approve President Trumpt nominees to serve on the board. Schubert speaks specifically to a recent opinion piece in the New York Times by Peter Navarro, assistant to the president for trade and manufacturing policy. In his piece, Navarro says “President Trump’s maxim that ‘economic security is national security’ comes with an important corollary: A strong manufacturing base is critical to both economic prosperity and national defense.*” “In my opinion, this should be the No. 1 basis to open the Ex-Im Bank, which also supports our strategic industrial base and U.S. supply chain.
If we fail to do this we will be virtually handing over our satellite and nuclear industrial base to China and Russia. Also, if we can build mining trucks in the U.S., those are the same industrial skills that can build tanks and other such military useful items. Virtually all major capital projects support a U.S. supply chain that supports our strategic industrial manufacturing base and a supply chain that includes large and small companies. All this with a program that has not cost the U.S. taxpayers a dime until one misguided U.S. senator single-handedly shut the program down. Navarro is right with his thoughts, but note the authorities under the Defense Production Act actually cost the U.S. taxpayers $1 for $1 cash compared to Ex-Im, which in normal times generates a profit to the taxpayer.”
