US President Joe Biden’s executive order on the strengthening of American manufacturing
, which he signed during his first week in office, is expected to have a direct effect on demand for US-produced raw materials and finished products, but also lead to wider support for developing projects that feed strategic industries, such as transport, energy, defense and infrastructure.
“American manufacturing[…] must be part of the engine of American prosperity now,” Biden said. “We’ll buy American products and support American jobs.”
Biden signaled a previous lax approach to government procurement that turned a blind eye to large volumes of imports for materials sourced elsewhere instead of relying on domestic supply, is due to change. That specifically singled out iron and steel, but entire sectors such as engines, auto parts and vehicles are set to be put under the microscope.
“Under the previous administration, the federal government contracts awarded directly to...