GE’s Immelt: U.S. retreat from ExIm, trade will cost jobs, influence

When will Americans learn that in today’s globally connected world corporations have a choice where they make a product or service. It is up to our Federal government to compete for jobs just like our state governors and city mayors have been competing for decades.

President Barack Obama’s plans for a pan-Pacific free zone have stalled after Democrats defeated a key portion of legislation aimed at speeding negotiations.

“In two weeks the U.S. will have neither trade deals, nor an export bank. And at that point we’re going to be in full retreat on the global economic stage,” Immelt said.

Without Ex-Im, major export deals will be lost to China, Japan and Europe, where there is aggressive government support for exports, he said. Since GE does not want to lose that business, it will move production to countries where it can take advantage of export credit agency support.

“Good GE jobs in the United States will be moved to Canada and Europe. That’s a mighty high price to pay for ideological purity,” Immelt said.

Source: GE’s Immelt: U.S. retreat from ExIm, trade will cost jobs, influence

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