WASHINGTON — The United States’ aerospace and defense industries have been in a bit of a slump over the past few years, but they continue to deliver strong trade numbers compared to other sectors of the economy.
U.S. aerospace and defense in 2017 posted a positive trade balance, says a new report released Wednesday by the Aerospace Industries Association. “While the U.S. experienced the third largest trade deficit on record, our industry generated $143 billion in exports and a positive trade balance of $86 billion, effectively reducing the U.S. trade deficit by 10 percent.”
The latest industry sales data is dropped amid escalating trade tensions in the wake of the Trump administration’s move to impose tariffs on imported metals and other goods. AIA President and CEO Eric Fanning has warned that a protracted trade war could hurt aerospace sales, U.S. jobs and the nation’s economy as countries affected by these tariffs fire back in retaliation.
“We agree with President Trump that trade should be fair. And we fully support efforts to protect the intellectual property rights of American companies,” Fanning said in a statement to SpaceNews. But he cautioned of possible unintended consequences. “The aerospace and defense industry is essential ...