AI adoption in the US economy dominated discussions at The Hill’s Invest in America Summit on Wednesday, where speakers also examined tariff refunds and energy risks tied to the Strait of Hormuz.
Ann Fairchild, president and chief executive officer of Siemens USA, said artificial intelligence now appears in nearly every business discussion. A McKinsey survey cited at the summit found that 88% of businesses used AI in at least one function in 2025, up from 78% in 2024 and 20% in 2017.
Small Business Administration head Kelly Loeffler said many businesses under the agency’s scope use AI to compete with larger firms. She said manufacturers that once needed 2 to 4 weeks for production planning can now complete that work in 1 day.
Representative Haley Stevens of Michigan said U.S. companies use AI to improve productivity within a rules-based system. She also called for stronger safeguards against unfair competition from Chinese firms.
Peter Navarro, senior trade and manufacturing adviser to President Donald Trump, defended tariffs as a tool to protect U.S. manufacturing, defence industry capacity and workers. The Penn Wharton Budget Model projected that reversing emergency tariffs could generate up to $175 billion in refunds.
Caroline Baxter, director of the Converging Risks Lab at the Council on Strategic Risks, said Iran’s Strait of Hormuz restrictions showed the need for resilient energy systems. The U.S. Energy Information Administration said about one-fifth of the world’s oil passed through the strait in 2024.
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Clay Lowery of the Institute of International Finance said the United States’ position as a net energy exporter helped cushion the shock. However, he said AAA data showed U.S. gas prices had risen from below $3 before the Iran war to more than $4.26 as of Wednesday
