On October 10, 2024, U.S. Senator Jack Reed announced that he will host Dr. Kevin Rudd, the Australian Ambassador to the U.S., for a two-day visit in Rhode Island on October 15-16, 2024. This visit aims to expand economic, academic, and defense partnerships between Australia and Rhode Island, coinciding with the AUKUS trilateral security partnership involving Australia, the UK, and the U.S. Senator Reed emphasized the importance of the U.S.-Australia alliance and the economic opportunities it presents for both nations. [d576e4a2]
The significance of this visit is underscored by Rhode Island's defense facilities, including Electric Boat and the Naval Undersea Warfare Center, which play a crucial role in U.S. defense operations. In 2023, total trade between the U.S. and Australia reached $47.1 billion, with U.S. exports to Australia supporting over 172,000 American jobs. This economic relationship is vital for both countries, particularly in the context of ongoing global security challenges. [d576e4a2]
In a related effort to bolster Rhode Island's manufacturing sector, Senator Reed recently hosted a roundtable discussion on October 7, 2024, focusing on workforce development and infrastructure improvements. This event gathered local business leaders and industry experts to address critical issues affecting the state's advanced manufacturing sector, which employs approximately 8.5% of Rhode Island's workforce. Reed pledged to support small businesses and enhance the manufacturing ecosystem through federal investment in workforce programs. [cbefef36]
This initiative aligns with ongoing efforts by the National Association of Manufacturers (NAM) to advocate for the manufacturing sector nationwide. On October 3, 2024, NAM President Jay Timmons praised a recent agreement between the International Longshoremen’s Association and the U.S. Maritime Alliance that extended the Master Contract until January 15, 2025, averting a potential strike that could have severely impacted trade and the economy. [0d6995f1]
Additionally, Timmons highlighted the economic ramifications of the ongoing Boeing strike, which has lasted 20 days and involves 33,000 workers, potentially costing the region $1.65 billion. He also called for the restoration of R&D expensing, which has been a significant concern since the expiration of the provision in 2022. Senators Young and Estes are advocating for legislative action to reinstate these tax incentives, crucial for maintaining competitiveness against countries like China. [0d6995f1]
As the estate tax exemption is set to revert to $6.8 million in 2026, Rep. Randy Feenstra is advocating for its repeal, emphasizing the potential impact on family-owned businesses, particularly small manufacturers. This growing concern underscores the need for Congress to act in favor of maintaining the increased exemption and supporting the sustainability of family-owned businesses across the United States. [d87845eb]