03/08/2018 | Press release | Distributed by Public on 03/08/2018 14:27
March 8, 2018
America's aerospace and defense industry is deeply concerned that the anticipated tariffs on aluminum and steel will raise costs and disrupt the supply chain, putting U.S. global competitiveness at risk. There is also a significant threat for retaliation from other countries towards American-made products.
In the weeks leading up to President Trump's Thursday announcement that he intends to impose tariffs on steel and aluminum imports, the Aerospace Industries Association has been out front highlighting the challenges these tariffs place on the American manufacturing sector, specifically with respect to the aerospace and defense industry. Friday morning on CNBC, AIA President and CEO Eric Fanning was featured immediately following Commerce Secretary Wilbur Ross, emphasizing: 'This is going to impact companies big and small in the aerospace and defense world. More importantly, we're concerned about retaliation. The aerospace and defense industry generates the largest net surplus in the manufacturing sector - over $86 billion a year. These companies thrive on the exports of their products.'
AIA will continue to underscore the damaging impact of these tariffs on the global supply chain and exports as well as the larger economic consequences of this decision.
Additional coverage of AIA's insights and expert perspectives on tariffs include:
AIA President and CEO Eric Fanning appeared live on Fox Business 'After the Bell':
AIA President and CEO Eric Fanning appeared live on CNBC:
AIA President and CEO Eric Fanning and AIA Vice President for International Affairs Remy Nathan in CNBC.com:
'Economic security is an important part of national security and economic strength and stability, and we can see how the markets are reacting and how our allies are reacting,' said Fanning.
'We've seen that oftentimes trade is political and security cooperation is political and the two intertwine. When we are enjoying good trade relations with other countries we have positive foreign relations, positive security cooperations, and they are oftentimes more interested in purchasing U.S. defense equipment and working with our militaries. The opposite is also true…' said Nathan.
AIA Vice President for International Affairs Remy Nathan OpEd in The Hill:
'Direct and indirect impacts from trade retaliation could be quite substantial … As President Trump considers the proper course of action, his administration must avoid inflicting harm on high performing sectors like the aerospace and defense industry.'