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The Biden administration has finalized rules that will require products purchased by the federal government to have 60 percent of their value in components manufactured in the U.S., 65 percent in 2024, and 75 percent in 2029.
At a 4 March White House event outlining the rules, Siemens USA CEO Barbara Humpton announced a $54-million investment to manufacture components for data centers and electric vehicle charging stations, a project that will add 300 jobs in California and Texas.
Earlier this year, Intel announced a $20-million plan to build two chip-making facilities near Columbus, Ohio.
Biden has focused on strengthening the U.S. industrial base and the economy has added 400,000 manufacturing jobs since January 2021, the White House claimed.
TREND FORECAST: A major factor in populist movements that we forecast will accelerate will be for nations to become “Self-Sufficient.” A key element of anti-globalization/anti-establishment platforms will be a call to restore the individual and unique arts, crafts and trade talents that once identified countries… but has all but vanished with globalization.
TREND FORECAST: With its eye on the future, China’s “dual circulation” economic policy is leading the “Self-Sufficient” trend (“China Announces ‘Dual Circulation’ Economic Policy,” 9 Sep 2020).
Since the 1980s, China has grown its economy by emphasizing manufacturing and exports, a policy dubbed “external circulation.”
Now China has cultivated an expanding middle class and moving up the ladder lower class that is capable of supporting its own consumer economy—an “internal circulation” of goods and services—where its population of 1.4 billion people buy products, create fashion, sounds and styles that are “Made-in-China.”
The dual circulation policy still emphasizes making goods for export and generating income from foreign sales, but places equal weight on consumer spending that will leave China’s economy less dependent on the ups and downs and geopolitical clashes of world markets.
For more on self-sufficiency and China’s dual circulation policy, see:
- “China’s Economy Slowing?” (28 Sep 2021)
- “China’s Consumers Boost Spending,” (11 May 2021)