Secretary Howard Lutnick took the stage at the EXIM annual conference on Thursday morning in an upbeat mood. He opened by congratulating John Jovanovic and the Export-Import Bank for “really” finding footing in thinking about how to lead and help America grow and expand.
As Lutnick revealed, the Trump administration is recasting exports as a central tool of economic and geopolitical strategy, with the Export-Import Bank positioned to play a far more active role.
Reflecting on his early days in office with President Trump, Lutnick said he encountered “lots of deals” that were “ clogged up, backed up,” and that “didn’t make sense.” Under EXIM Chairman Jovanovic, he added, “The way it works now is considerably different.”
“The bank’s really on fire!,” Lutnick quipped, arguing that EXIM is now doing what it needs to do—an effort he called “very impressive.” He framed the bank’s revival as essential to enabling American companies to compete abroad, emphasizing that a central component of that strategy is to help U.S. businesses export and act as a “key partner” to “get deals done overseas.”
“Everybody selling to us, closing their markets to us. We are open and letting them come and they are blocking us out.”
Secretary of Commerce Howard Lutnick
That export push, Lutnick suggested, is tied to a broader reworking of U.S. trade policy. According to the Secretary of Commerce, the administration’s agenda is two-pronged, beginning with an effort to “reset our trade agenda, where we ran gigantic plus $1 trillion trade deficits.”
Lutnick, known for his blunt style, distilled the crux of the problem: “Everybody selling to us, closing their markets to us. We are open and letting them come and they are blocking us out,” he said. “So by in each of our trade deals, we take down those barriers to trade.”
He added that “For the first time in American business, we have the ability to grow our exports.”
As an example of what he described as “unfair trade,” he pointed to European automakers’ access to both U.S. and European markets, while American cars face barriers abroad.
“They can sell in Europe and America, and our guys can only sell in America, so we have a smaller market, which enables them to have a bigger opportunity, and therefore harms us,” said Lutnick. “And so we are going to change that,” he pledged. The approach combines lowering foreign barriers with maintaining U.S. trade defenses, including tariffs aimed at protecting domestic producers.
Taken together, Lutnick outlined a model that pairs export expansion with targeted protection at home—an approach he said would strengthen domestic industry while opening markets abroad. The goal, he said, is to “export strong, trade deals. Break down barriers and be strong exporter. Provide tariff protection for those who import against our producer.”
He acknowledged criticism, particularly from importers. “Lots of noise ” he said, adding that while “we have got great importers,” the administration’s priority is clear: “the business we love the most is business of people producing here. Bring new factors here.”
Secretary of Commerce, Howard Lutnick
“The idea is we can now use the Export Import Bank as our partner in exporting technology to emerging markets.”
Beyond traditional goods, Lutnick described an effort to expand what the U.S. exports—moving toward technology, energy, and full industrial systems. He said that such changes would elevate EXIM’s role as a financing partner in global dealmaking. “That’s the idea, to go out and make things happen overseas,” he said.
He also outlined two initiatives: an AI action plan and an AI export center in Silicon Valley, both centered on exporting the “AI stack,” or a full suite of technologies. “The idea is we can now use the Export Import Bank as our partner in exporting technology to emerging markets. It’s a class example of using our tools here to do new and exciting things around the world to support American business,” he said.
Secretary of Commerce, Howard Lutnick
“There are countries choking us because they were weaponizing their production of critical minerals.”
Lutnick also framed supply chains as a national security component. He highlighted EXIM’s role in securing access to critical minerals, warning of economic pressure from abroad. “There are countries choking us because they were weaponizing their production of critical minerals,” he said, pointing to “magnets” as a case in point.
“I describe it this way,” Lutnick said. “Let’s say I give you a book cabinet for Christmas from IKEA. But I just don’t give you an Allen wrench to put it together. The Allen wrench costs $1 but if you don’t have the Allen wrench, it’s not that great of a gift. So that’s what magnets are.” He continued, “What happens is, if you don’t have it, it’s weaponized against you.”
That concern extends to pharmaceuticals and semiconductors, where the administration is pushing to reshore production.
“When I look at my medicine cabinet, they’re all generic drugs. They’re all made in either India or China, and the ones made in India, get ingredients from China. So, you know, we need to address these kind of things,” he noted.
“These are the topics that are on the table for President Trump. He wants to tackle them all. So when he is done, he will have made America strong, powerful and solid,” he added.
Lutnick urged that all these shifts are necessary “so we are self reliant.”
The strategy also includes scaling domestic production in advanced energy and defense technologies with an eye toward exports. Lutnick pointed to drones, small modular reactors, and energy production as key areas.
“We want to make advanced small modular reactors here and build that whole supply chain. So we can export,” he said, adding that Boeing is a partner.
“You’re going to see the Commerce Department work with the ExIm Bank to bring that supply chain,” he added.
“We want to export natural gas. We want to export oil. We want to become a great exporter,” Lutnick said. “You’re going to see ExIm Bank literally on the front lines of America’s ability to drive our commerce overseas.”
In that vision, EXIM is no longer just a financing agency. Under Chairman Jovanovic, it is becoming a central instrument in a broader effort to align trade, industrial policy, and national security. All under strategic umbrella “Buy American, build the future.”
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