International automakers account for 47 % of all automobiles produced within the U.S. and 55 % of all-new automobile gross sales. What’s extra, worldwide automakers are answerable for $22 billion in annual automobile exports: More than 650,000 of our U.S.-built automobiles every year attain shoppers in 135 nations and territories. Many of these exports are supported by U.S. free commerce agreements.
While these stats are spectacular, there’s much more we are able to do. But it requires a stronger dedication from the Biden administration. Specifically, the president should pursue insurance policies that strengthen U.S. manufacturing and improve buying and selling partnerships with U.S. allies with out choosing who will get to learn right here at house. This is the path to progress within the U.S., particularly in communities all too usually left behind.
Empowered by the proper insurance policies, worldwide automakers will proceed to steer the cost towards prosperity for all. Already, greater than 500 amenities operated by worldwide automakers pepper the U.S. panorama, from Alabama to Ohio to California. Together, these manufacturing, meeting, R&D and different amenities signify practically $100 billion in investments and together with their provider and supplier networks generate 2.1 million American jobs and counting.
Over the previous 25 years, manufacturing quantity by worldwide automakers has elevated 82 %. The upward trajectory can proceed, bringing extra alternatives into extra communities. But the course over the following quarter century will rely upon choices that the Biden administration makes right this moment.
For instance, President Joe Biden and his administration are participating with worldwide companions on the Indo-Pacific Economic Framework for Prosperity. The U.S. is striving to stay aggressive in a quickly remodeling area as different nations negotiate agreements that depart the U.S. on the sidelines. At a minimal, any framework settlement should open the Indo-Pacific market and create alternatives for producers in America to import supplies vital to construct in America and export merchandise abroad.
Additionally, it is disappointing to listen to feedback from U.S. Trade Representative Katherine Tai that “no one is focused on tariff cuts” at this level in negotiations. Reducing tariffs will decrease the price of items for American shoppers and home producers, so it needs to be a prime precedence from the outset.