WASHINGTON — The Coalition for a Prosperous America (CPA) today released a statement following President Biden’s remarks on the global supply chain crisis.
“For months, the U.S. economy has been plagued by a global supply chain crisis that has illuminated America’s dependence on foreign producers and workers for critical products,” said Michael Stumo, CEO of CPA. “After decades of disastrous trade policies that offshored industries and jobs, the COVID-19 pandemic revealed that America’s startling dependence on foreign nations for critical products is a serious threat to U.S. economic and national security. Domestic producers supply only 70 percent of U.S. demand for manufactured goods. Making more here will insulate us from global risks and grow the economy.”
In February, CPA praised President Biden’s Executive Order intended to “strengthen the resilience of America’s supply chains.” In July, CPA applauded the Biden administration’s proposed rule to increase American-made content in federal purchases and bolster critical supply chains.
“We strongly support President Biden’s call to reshore supply chains here at home and boost domestic manufacturing,” continued Stumo. “To make that call a reality, the Biden administration and Congress must embrace a comprehensive industrial strategy that includes tariffs to protect domestic industries, tax incentives for domestic producers, and strong Buy America requirements that ensure the federal government supports American companies and workers.”
In February, CPA sent a letter to President Biden asking that he take into consideration three suggestions to ensure the strongest Buy American provisions possible. CPA’s Annual Conference in March focused specifically on Buy American laws and current loopholes in these rules. In May, CPA Chief Economist Jeff Ferry wrote why Biden’s Buy American ambitions make good economic sense.