Blinken warns that Putin will open ‘a Pandora’s box of trouble’ for entire world
As part of his “Made in America” agenda to bolster the country’s manufacturing sector, Joe Biden is also implementing changes to the Buy American Act.
As of now, products under consideration for federal procurement qualify as being made in America if 55% of the value of their component parts are domestically manufactured.
The Biden administration will change that threshold to 75% by 2029, with incremental increases to the requirement over the next seven years.
A senior administration official explained that the incremental nature of the policy change would “allow both small and large contractors time to transition their supply chains to domestic suppliers and to increase their use of American-made components”.
“It marks just one of many significant improvements to domestic sourcing policy that the Biden-Harris administration will be rolling out to ensure that taxpayer dollars help America’s businesses compete in strategic industries and help America’s workers thrive,” the official said.
Blinken: we don’t seek conflict with Russia but we are ready for it