PROTECTING SMALL BUSINESS, PROMOTING ENTREPRENEURSHIP

Joint Statement by U.S. and EU “Extremely Positive” for Small Businesses says SBE Council’s Kerrigan

By at 25 July, 2018, 8:08 pm

NEWS

FOR IMMEDIATE RELEASE

Washington, D.C.  – A joint statement today by President Donald Trump and European Union (EU) Commission President Jean-Claude Juncker reflects future actions that will lead to lower trade barriers and other benefits for American business, which is great news for entrepreneurs, according to Small Business & Entrepreneurship Council (SBE Council) president & CEO Karen Kerrigan.  American small businesses are very active in the global marketplace and many are looking to go global, yet tariffs and other trade barriers are big obstacles to expansion. The news that the U.S. and EU “will work towards zero tariffs, zero non-tariff barriers and zero subsides for non-auto industrial goods,” as expressed by President Trump in his remarks from the White House Rose Garden, will help America’s small firms expand and boost exports in this key part of the world.

“The joint statement by President Trump and President Juncker is an extremely positive one that will produce more economic growth and cooperation between the U.S. and EU.  This is very good news for entrepreneurs and small businesses that export to the EU or firms looking to sell into this favorable market. Moreover, we are hopeful that this agreement will have a positive effect on the direction of U.S. trade relations with other nations, and lead to a global environment where trade is less costly and complex. Such an environment will encourage more entrepreneurship and prosperity across the globe,” said Kerrigan.

Currently the U.S. and EU have a $1 trillion bilateral trade relationship. Lowering barriers to trade in EU nations will enable American small firms to more effectively sell and compete in the EU market, according to Kerrigan.

In his statement, President Trump said the U.S. and EU will work to reduce barriers and increase trade in services, chemicals, pharmaceuticals, medical products, and soybeans, and make it easier for the EU to purchase liquefied natural gas (LNG) from the U.S.  President Juncker said that the EU will build terminals to import LNG from the U.S.

Again, this is good news for the thousands of small businesses in the energy sector and the thousands more within the supply chain.

The two leaders said they “will resolve the steel and aluminum tariff issues, and we will resolve retaliatory tariffs.”

“This is fantastic news, as tariffs and retaliatory actions hurt small businesses, their workforce and consumers. Uncertainty is tough on business – especially small businesses – and their employees. Trade agreements and negotiations that focus on growth and opportunity are wins for nations and their citizens,” added Kerrigan.

U.S. Small Business Role in International Trade

According to the latest U.S. Census Bureau data (2016): 76.1 percent of U.S. exporters have fewer than 20 employees, 86.6 percent fewer than fewer than 50 workers, 91.8 percent fewer than 100 employees, and 97.5 percent fewer than 500 workers.

The story is the same for importers, with 76.1 percent having fewer than 20 employees, 86.1 percent fewer than 50 employees, 91.3 percent fewer than 100, and 97.3 percent fewer than 500 workers.

CONTACT:  Karen Kerrigan, kkerrigan@sbecouncil.org

SBE Council is a nonpartisan, nonprofit advocacy, research and education organization that works to protect small business and promote entrepreneurship. For nearly 25 years SBE Council has worked to successfully implement a range of policy and private sector initiatives to strengthen the ecosystem for startups and small business growth. To learn more, visit SBE Council’s website: www.sbecouncil.org. Follow on Twitter: @SBECouncil

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