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Manufacturing Industry Updates

Joe Biden Announces $700 Billion Proposal to Reinvigorate U.S. Manufacturing

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Former Vice President Joe Biden will unveil a plan to spend $700 billion to reinvigorate American manufacturing, according to the Los Angeles Times. The presumptive Democratic nominee will present his initiative, “Build Back Better,” at a speech in Dunmore, Pa., where he is scheduled to tour a metal works facility today.

The initiative includes spending $300 billion on research and development projects in clean energy, telecommunications, artificial intelligence and other fields. Biden said he would also spend $400 billion in his first term for federal procurement of American-made products ranging from clean vehicles to construction materials, the Los Angeles Times reported.

Biden’s proposal would also tighten the rules on what products can be designated as “made in America,” as well as include measures previously announced to manufacture more medical equipment and other supplies to battle pandemics.

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