China, rivals to 'pick up the slack' with lapse of U.S. trade bank: White House

Reuters News
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Posted: Jun 30, 2015 3:11 PM

WASHINGTON (Reuters) - The U.S. Export-Import Bank will stop new loans and insurance activities at midnight on Tuesday, the White House said in a statement, a lapse it said could hurt exports and jobs and benefit rivals like China.

"When Ex-Im lapses, China and other foreign rivals will pick up the slack, putting American businesses and American workers at a disadvantage," the White House said.

(Reporting by Roberta Rampton; Editing by Sandra Maler)