Washington D.C. – The National Foreign Trade Council (NFTC) today issued the following reactions to the President’s State of the Union address:
NFTC President Jake Colvin:
“While President Biden rightfully focused on the critical importance of America’s security alliances, he missed an opportunity to elevate the role of America’s commercial relationships and U.S. global economic leadership. Strengthening America’s trade and investment relationships with our allies is key to enhancing our national security and competitiveness.
“President Franklin Roosevelt once cautioned Congress that ‘blind economic selfishness in most countries, including our own, resulted in a destructive mine-field of trade restrictions which blocked the channels of commerce among nations.’ Instead of promising Congress that the United States would ‘use its influence to open up the trade channels of the world,’ as FDR once did, President Biden used this stage to promote import substitution and higher corporate taxes.”
Anne Gordon, NFTC Vice President for International Tax Policy:
“The President’s proposal to increase the Corporate Alternative Minimum Tax to 21% will harm the U.S. economy and the competitiveness of all U.S. businesses. The Biden Administration led the charge on a global negotiation to move countries toward a ‘fairer’ 15% minimum tax. If they turn their back and seek a much higher rate at home, U.S. companies will be at a comparative disadvantage that will make it impossible to compete in the global economy.
“As 2025 approaches and several Tax Cuts and Jobs Acts provisions expire, we should be looking at renewing or extending pro-growth tax policies that drive innovation and investment in the U.S. and drive American economic success.”
Jeannette Chu, NFTC Vice President for National Security Policy:
“The President has identified the need for additional foreign aid for Ukraine and Israel, underscoring the importance of preserving regional alliances and the current world order.
“While meeting the geopolitical risks and challenges brought about by strategic competition with China and continuing to thwart Russia’s illicit procurement of militarily critical dual-use goods are essential national security objectives, we must not let these goals undermine America’s competitiveness, without which national security is inescapably compromised.”
Tiffany Smith, NFTC Vice President for Global Trade Policy:
“It is disappointing that the President’s economic agenda left out any mention of trade policies that would create new opportunities for American businesses, farmers, ranchers, and workers to reap the benefits of reaching customers outside of the United States and working with like-minded allies to strengthen the global trading system.”
“The Biden Administration continues to embrace import substitution policies that the U.S. has long pressed our trade partners to avoid. Moving forward, it is important that the Administration implement these programs in a way that upholds our commitments to our trading partners through the World Trade Organization and our regional and bilateral trade agreements. Otherwise we risk retaliation against our exports and will lose opportunities for our companies to compete for similar opportunities in foreign markets.”
John Pickel, NFTC Senior Director for International Supply Chain Policy:
“The U.S. economy relies on vibrant and resilient global supply chains. For American companies – both big and small – to thrive, we must have clear, feasible policies that improve the ability of supply chains to serve consumers, industry, well-defined government objectives, and other actors that power the global economy.”
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About the NFTC
The National Foreign Trade Council (NFTC) is the premier business association advancing trade and tax policies that support access to the global marketplace. Founded in 1914, NFTC promotes an open, rules-based global economy on behalf of a diverse membership of U.S.-based businesses.
