On Monday July 15, United States President Donald Trump signed an executive order designed to increase the use of American-made products and materials. This is the third order of his Buy American plans.
Peter Navarro, White House trade adviser wrote on Monday, “With Monday’s signing of ‘Buy American III,’ President Trump has moved towards increasing the Eisenhower domestic content threshold for American-made iron and steel from 50% to 95%.”
Navarro goes on to add, “Trump actions such as steel and aluminum tariffs, corporate tax cuts to stimulate investment, reduced regulatory burdens, and robust workforce development programs, are driving a revival in United States steel production and a renaissance in American manufacturing.”
After the order was signed, shares of U.S. steel manufacturers have surged.
This order is based on two previous orders, “Buy American and Hire American” issued on April 18, 2017 and “Strengthening Buy American Preferences for Infrastructure Projects” issued on January 31, 2019.
The new order considers iron and steel products to be of foreign origin if the costs of offshore material is 5% or more of the cost of all products used.
On Monday July 15, American Iron and Steel Institute president Thomas J. Gibson said, “We applaud President Trump for once again affirming his commitment to the steel industry that built, and continues to build, our nation.”
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