WICHITA, Kan.--(BUSINESS WIRE)--Aug 13, 2024--
Textron Aviation today announced that it has delivered the 400th Cessna Citation Latitude business jet to longtime Citation customer Simmons Foods, a family-owned and operated company since 1949, of Siloam Springs, Arkansas. Simmons Foods will utilize the new aircraft to enhance the efficiency of its company’s business travel, complementing its existing fleet of three Citation jets that are integral to managing operations across multiple locations.
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The Cessna Citation Latitude midsize business jet is designed and manufactured by Textron Aviation Inc., a Textron Inc. (NYSE:TXT) company.
“The delivery of the 400th Citation Latitude is a testament to the aircraft's superior design and a proud moment for our team,” said Lannie O’Bannion, senior vice president, Global Sales and Flight Operations for Textron Aviation. “This milestone not only reinforces the Latitude's status as the leader in the midsize jet segment, but also underscores our commitment to innovation and customer satisfaction, setting new standards for comfort, efficiency and performance in the aviation industry.”
Certified in 2015, the Citation Latitude has been the world’s most-delivered midsize business jet for eight consecutive years and is a favorite with customers due to its reliability, versatility and impressive 2,700-nautical mile range.
With a flat floor cabin and ample space for nine passengers, the aircraft can fly nonstop between destinations such as New York and Los Angeles or Vancouver and Guatemala City. The Citation Latitude stands as the preferred choice among customers for a wide range of operations, including corporations, charter, personal travel, air ambulance, intelligence, surveillance and reconnaissance (ISR), utility transport, aerial survey, flight inspection, training and numerous other specialized missions.
“Over the years, we’ve found that Citation jets mean business in every way. Our fleet of Citations has significantly enhanced our company’s operational capabilities, allowing us to serve our customers, employees and farmers more effectively,” said Todd Simmons, CEO, Simmons Foods. “Guided by our family values of integrity, respect, hard work and innovation, the Latitude's performance and reliability are a natural fit for our business.”
About the Cessna Citation Latitude
The Citation Latitude midsize business jet, with a four-passenger range of 2,700 nautical miles (5,000 km) at high-speed cruise, is set apart from the competition by its combination of comfort and efficiency. The aircraft’s class-leading take-off field length of 3,580 feet provides operators with greater range out of short fields. Inside, the Citation Latitude offers an unrivaled cabin experience featuring the most open, spacious, bright and refined cabin environment in its category. With a flat floor and six feet of cabin height, innovation abounds with exceptional features designed throughout the aircraft.
About Textron Aviation
We inspire the journey of flight. For more than 95 years, Textron Aviation Inc., a Textron Inc. company, has empowered our collective talent across the Beechcraft, Cessna and Hawker brands to design and deliver the best aviation experience for our customers. With a range that includes everything from business jets, turboprops, and high-performance pistons, to special mission, military trainer and defense products, Textron Aviation has the most versatile and comprehensive aviation product portfolio in the world and a workforce that has produced more than half of all general aviation aircraft worldwide. Customers in more than 170 countries rely on our legendary performance, reliability and versatility, along with our trusted global customer service network, for affordable and flexible flight. For more information, visit www.txtav.com | www.defense.txtav.com | www.scorpionjet.com.
About Textron Inc.
Textron Inc. is a multi-industry company that leverages its global network of aircraft, defense, industrial and finance businesses to provide customers with innovative solutions and services. Textron is known around the world for its powerful brands such as Bell, Cessna, Beechcraft, Pipistrel, Jacobsen, Kautex, Lycoming, E-Z-GO, Arctic Cat, Textron Systems, and TRU Simulation. For more information, visit: www.textron.com.
Certain statements in this press release may project revenues or describe strategies, goals, outlook or other non-historical matters; these forward-looking statements speak only as of the date on which they are made, and we undertake no obligation to update them. These statements are subject to known and unknown risks, uncertainties, and other factors that may cause our actual results to differ materially from those expressed or implied by such forward-looking statements.
400th Cessna Citation Latitude joins Simmons Foods' fleet, reinforcing segment leadership
Textron Aviation | 400th Latitude Delivery (Photo: Business Wire)
400th Cessna Citation Latitude joins Simmons Foods' fleet, reinforcing segment leadership
WASHINGTON (AP) — With characteristic bravado, Donald Trump has vowed that if voters return him to the White House, “inflation will vanish completely."
It’s a message tailored for Americans who are still exasperated by the jump in consumer prices that began 3 1/2 years ago.
Yet most mainstream economists say Trump’s policy proposals wouldn't vanquish inflation. They’d make it worse. They warn that his plans to impose huge tariffs on imported goods, deport millions of migrant workers and demand a voice in the Federal Reserve's interest rate policies would likely send prices surging.
Sixteen Nobel Prize-winning economists signed a letter in June expressing fear that Trump's proposals would “reignite’’ inflation, which has plummeted since peaking at 9.1% in 2022 and is nearly back to the Fed’s 2% target.
Last month, the Peterson Institute for International Economics predicted that Trump’s policies would drive consumer prices sharply higher two years into his second term. Peterson's analysis concluded that inflation, which would otherwise register 1.9% in 2026, would instead jump to between 6% and 9.3% if Trump's economic proposals were adopted.
Many economists aren’t thrilled with Vice President Kamala Harris’ economic agenda, either. They dismiss, for example, her proposal to combat price gouging as an ineffective tool against high grocery prices. But they don’t regard her policies as particularly inflationary.
Moody’s Analytics has estimated that Harris' policies would leave the inflation outlook virtually unchanged, even if she enjoyed a Democratic majority in both chambers of Congress. An unfettered Trump, by contrast, would leave prices higher by 1.1 percentage points in 2025 and 0.8 percentage points in 2026.
Taxes on imports — tariffs — are Trump’s go-to economic policy. He argues that tariffs protect American factory jobs from foreign competition and deliver a host of other benefits.
While in office, Trump started a trade war with China, imposing high tariffs on most Chinese goods. He also raised import taxes on foreign steel and aluminum, washing machines and solar panels. He has grander plans for a second term: Trump wants to impose a 60% tariff on all Chinese goods and a “universal’’ tariff of 10% or 20% on everything else that enters the United States.
Trump insists that the cost of taxing imported goods is absorbed by the foreign countries. The truth is that U.S. importers pay the tariff — and then typically pass along that cost to consumers in the form of higher prices. Americans themselves end up bearing the cost.
Kimberly Clausing and Mary Lovely of the Peterson Institute have calculated that Trump’s proposed 60% tax on Chinese imports and his high-end 20% tariff on everything else would, in combination, impose an after-tax loss on a typical American household of $2,600 a year.
The Trump campaign notes that U.S. inflation remained low even as Trump aggressively imposed tariffs as president.
But Mark Zandi, chief economist at Moody’s Analytics, said that the magnitude of Trump’s current tariff proposals has vastly changed the calculations. “The Trump tariffs in 2018-19 didn’t have as large an impact as the tariffs were only just over $300 billion in mostly Chinese imports,’’ he said. “The former president is now talking about tariffs on over $3 trillion in imported goods.''
And the inflationary backdrop was different during Trump’s first term when the Fed worried that inflation was too low, not too high.
Trump, who has invoked incendiary rhetoric about immigrants, has promised the “largest deportation operation'' in U.S. history.
Many economists the increased immigration over the past couple years helped tame inflation while avoiding a recession.
The surge in foreign-born workers has made it easier for fill vacancies. That helps cool inflation by easing the pressure on employers to sharply raise pay and to pass on their higher labor costs by increasing prices.
Net immigration — arrivals minus departures — reached 3.3 million in 2023, more than triple what the government had expected. Employers needed the new arrivals. As the economy roared back from pandemic lockdowns, companies struggled to hire enough workers to keep up with customer orders.
Immigrants filled the gap. Over the past four years, the number of people in the United States who either have a job or are looking for one rose by nearly 8.5 million. Roughly 72% of them were foreign born.
Wendy Edelberg and Tara Watson of the Brookings Institution found that by raising the supply of workers. the influx of immigrants allowed the United States to generate jobs without overheating the economy.
In the past, economists estimated that America’s employers could add no more than 100,000 jobs a month without igniting inflation. But when Edelberg and Watson factored in the immigration surge, they found that monthly job growth could reach 160,000 to 200,000 without exerting upward pressure on prices.
Trump's mass deportations, if carried out, would change everything. The Peterson Institute calculates that the U.S. inflation rate would be 3.5 percentage points higher in 2026 if Trump managed to deport all 8.3 million undocumented immigrant workers thought to be working in the United States.
Trump alarmed many economists in August by saying he would seek to have “a say” in the Fed’s interest rate decisions.
The Fed is the government’s chief inflation-fighter. It attacks high inflation by raising interest rates to restrain borrowing and spending, slow the economy and cool the rate of price increases.
Economic research has found that the Fed and other central banks can properly manage inflation only if they're kept independent of political pressure. That’s because raising rates can cause economic pain — perhaps a recession — so it's anathema to politicians seeking reelection.
As president, Trump frequently hounded Jerome Powell, the Fed chair he had chosen, to lower rates to try to juice the economy. For many economists, Trump's public pressure on Powell exceeded even the attempts that Presidents Lyndon Johnson and Richard Nixon made to push previous Fed chairs to keep rates low — moves that were widely blamed for helping spur the chronic inflation of the late 1960s and ’70s.
The Peterson Institute report found that upending the Fed's independence would increase inflation by 2 percentage points a year.
FILE - Cranes and transporters work at an automated container port in Qingdao in eastern China's Shandong province on July 7, 2024. (Chinatopix Via AP, File)
FILE - Freshly picked bananas float in a sorting pool as they are readied for packing and export at a farm in Ciudad Hidalgo, Chiapas state, Mexico on May 31 2019. (AP Photo/Marco Ugarte, File)
FILE - A member of the Texas delegation holds a sign during the Republican National Convention on July 17, 2024, in Milwaukee. (AP Photo/Matt Rourke, File)
FILE - An array of solar panels float on top of a water storage pond in Sayreville, N.J., April 10, 2023. (AP Photo/Seth Wenig, File)
Trump's economic plans would worsen inflation, experts say
Trump's economic plans would worsen inflation, experts say
FILE - Republican presidential nominee former President Donald Trump speaks along the southern border with Mexico, on Aug. 22, 2024, in Sierra Vista, Ariz. (AP Photo/Evan Vucci, File)
