WASHINGTON — President Donald Trump said Monday he will not sign an extension of the U,S.
Export-Import Bank’s (Exim) charter in response to the federal government’s failure to extend the credit.
The Treasury Department said the Export-Based Incentive Program expires March 6.
Exim is a federal program that allows U.K.-based companies to borrow money from the bank to pay dividends to investors, while keeping profits for themselves.
The Exim charter expires at the end of April and the Export Administration Act expires March 14, 2019.
The law does not provide for extensions beyond April.
Trump tweeted his displeasure Monday, saying he will use any tool available to stop the expropriation of U.N. land, and he will end the Export Assistance Program.
“The only way to stop this theft is to stop Exim,” Trump said.
“I will not renew Exim.”
The Export-based Incentives Program helps U.,S.-based producers like wheat, sugar cane and rice buy wheat from other countries.
It was set up in 2001 by Congress to help them compete in the global market.
Trump has previously said he opposes the program, which has been in place for decades.
The Export-Importation Act of 2000 has been renewed twice and extended six times.
“The last extension was in the year 2000, when we had an embargo and we had no money, and then the Export Act expired, and we didn’t have a money problem,” Trump told The Associated Press in December.
“So I’m really disappointed with that.
I thought it was good.
I’m very disappointed.”
Trump tweeted in January that he would not sign the Exim extension if the Export Importation Extension Act is not reauthorized.
“That extension, by the way, will not expire until March, so I’m not going to renew that extension,” Trump tweeted.
“If it’s expired, I’m going to not renew it.
If it’s not expired, it’s going to go into effect.”
Trump is also planning to end the Exhibits of Foreign Commerce in Agriculture program, or FEAA, which lets U.W. farmers import wheat, corn and sugar cane from other nations for export to the U; it was set to expire in 2020.
The Exhibitions of Foreign Goods in Agriculture Program, or FOGAM, which allows U-W farmers to import U.H.
W wheat and corn from China for export, was set for a three-year extension.
Trump is not the only one frustrated by the failure of Congress to renew the Export Aid program.
Congress is currently in the middle of a yearlong debate over the Export Import Bank.
It would provide federal support for a variety of U- and foreign-based businesses to buy products and sell them abroad.
It also provides loans to companies to buy raw materials and equipment needed for domestic business.
The Export Import Banking Act of 2002 expired in 2018 and the expiry date for the Exif program was extended in 2018.
The expiration date of the Export Export Assistance Act was extended by the House and Senate in 2016 and 2019.
Congress could not agree on a final extension for either program until December of 2019.
Congressional leaders are expected to debate the expiring Exim program and FEAA programs at a closed-door conference on Thursday, according to a White House official.