President Joe Biden will sign an executive order aimed at promoting domestic manufacturing of new U.S. inventions.
According to White House officials, the president is traveling to Auburn, Maine, on Friday to sign an order to "prioritize America’s policy of 'invent it here, make it here' — to the benefit of American workers, communities, and global supply chain resilience. The order boosts the incentive to manufacture new inventions in the United States when those inventions are developed using taxpayer dollars."
The order aims to enhance the transparency of federal research and development initiatives, aligning them with the Biden administration's objectives for bolstering domestic manufacturing, and instructs agencies to consider U.S. national security and economic interests while evaluating the potential expansion of domestic manufacturing requirements, the White House explains.
"Bidenomics is mobilizing historic levels of private sector investment in the United States, supporting American innovation and research and development (R&D), strengthening domestic manufacturing after decades of offshoring, and creating new, good-paying jobs, including union jobs and jobs that don’t require a college degree," the White House said.
Additionally, the order will have the Department of Commerce enhance the clarity, efficiency and consistency of the domestic manufacturing waiver process, even in cases where commercial feasibility is challenging. This will facilitate cooperation with reliable allies and partners, ensuring that American manufacturers are not put at a disadvantage.
The move comes one day after the U.S. Bureau of Economic Analysis announced a 2.4% growth in the economy during the second quarter of 2023, and the White House says that business investment surged by almost 8%, with factory construction making its most significant contribution to growth in the past four decades.
China continues to be the major source of U.S. imports of miscellaneous manufactured items, textiles, software and some technologies.
In 2022, U.S. imports from China grew for the third year in a row, totaling $536.8 billion, which was 16.5% of the total U.S. imports, according to data from the Bureau of Industry and Security.
