A car is assembled at a Ford factory in Wayne, Michigan, August 2008.
Rebecca Cook / Reuters

In the face of increasing competition from China and other emerging economies, the continued disruption of the Export–Import (ExIm) Bank is undermining U.S. competitiveness in key manufacturing sectors. For most major economies, state-backed export credit—the use of loans and other forms of government financing to facilitate exports—is a core element of industrial policy. But while its rivals are expanding their use of this policy tool, the United States has moved in the opposite direction, dramatically constraining its use of export credit.

Financed by the billionaire Koch brothers, a collection of ultra-free-market advocacy organizations, such as Americans

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