Technologies

Biden announces measures to ramp up U.S. production

Biden announces purchase of 200M more doses of COVID-19 vaccines

Biden Announces Measures To Boost US Production

The new presidential decree aims to increase the volume of government purchases of American goods

President Joe Biden on Monday announced measures to harness the purchasing power of the U.S. government to increase domestic production and create markets for new technologies, a senior administration official said..

Biden will sign an executive order to address loopholes in existing Buy American provisions that structure $ 600 billion in federal purchases of goods and services. It is planned to make the exceptions more transparent and create a special coordinator post in the White House to oversee this process.

“The US spends about $ 600 billion a year on contracts, and that money … could serve as an incentive to revive our industrial capacity and help create markets for new technologies,” the source said..

Raising production in the United States, which was one of the main principles of Biden’s campaign, proved to be a difficult task for previous presidents, including Donald Trump..

Due to lower labor costs and weaker environmental standards in China and elsewhere, there has been a massive outflow of key manufacturing facilities, including in the medical sector, in recent decades, leading to supply disruptions during the COVID-19 pandemic..

In 2010, China replaced the US as the world’s leading producer, and in 2018, according to the UN, it accounted for 28 percent of global production..

Trade experts say rebuilding critical supply chains and developing new ones is critical to US manufacturing growth.

The decree is intended to prevent companies from which the government purchases from importing predominantly foreign goods and selling them as American after making only minor changes..

Regulators will have to issue changes within 180 days.Biden announces measures to ramp up U.S. production It is also planned to create a website to ensure transparency of the issued permits..

According to the source, Biden “does not accept the defeatist idea that, due to automation and globalization, America can no longer have well-paying jobs.”.

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