President Obama has introduced his goals for doubling American exports and adding to the economy 2 million more jobs in five years. The preceding information was disclosed by Secretary Gary Locke of at the National Press Club meeting on February 4, 2010.
How does Obama plan do this?
Small and medium sized businesses will be introduced to the many opportunities that are available in the export business. More effort will be made in opening up credit access to small businesses. There will be greater enforcement of international trade laws by the United States. Additionally, more effort will be directed at the removal of unfair trade barriers to American exporters.
Resources for Promotion of Export Efforts
The Commerce Departments International Trade Administration budget has been increased by 20%.This will allow the following:
*Will allow up to 328 trade experts to serve as advocates for U.S. companies.
*Help 23,000 clients assist or grow their export sales by 2011.
*Help companies export to more than one market by 50% over the next 5 years.
*Increase their presence in large growth markets like China, India, and Brazil.
*Help these companies develop a strategic strategy for growth sectors like environmental goods and services, renewable energy, health care, and biotechnology.
U.S. Time to Stand Up to Foreign Competitors
China has been under the microscope for some time regarding the issue of currency manipulation. Critics of China content that its vast trade surplus has largely been acquired by unfairly holding down the value of their currency, the yuan. China denies such criticism. There has been a recent breakthrough on this matter. Speculation has it that there is a possible yuan upwards evaluation of 3% forthcoming. China has denied this report; however, China’s Central Bank does consider a slight move upwards of the yuan might be a positive step concerning its fight against an ever increasing inflationary element in the Chinese economy.
Two Million More Jobs in Five Years is Realistic
President Obama’s National Export Initiative is a historical breakthrough for the U.S. regarding its efforts at facing up to international competition in the dynamic export business. Billions of dollars and jobs art at stake in this international contest.
The U.S. is focusing all of its resources and know how into finally getting a hold on this incredible difficult problem of meeting the challenge coming from several aggressive developing economies; namely, China and India. China in particular has been outsmarting the U.S. when it comes to world exports and trade surpluses. The direct result of this has been a terrible cost in American job losses to its manufacturing sector.