, according to senior Biden administration officials who insisted on anonymity to preview the event on the White House campus. Siemens USA CEO Barbara Humpton is among several manufacturing executives who've met with Biden in recent weeks to discuss their expansion plans.
The White House previously highlighted plans by Intel to open a $20 billion plant in Ohio and General Motors committing $7 billion to create 4,000 jobs for making electric vehicles in Michigan. FILE IMAGE - A winch hangs on the high voltage circuit breaker production line inside Siemens AG switchgear electronic power unit factory in Berlin, Germany, on Sept. 13, 2018. Photographer: Krisztian Bocsi/Bloomberg via Getty Images
The U.S. has about 12.6 million manufacturing jobs, about 200,000 jobs shy of pre-coronavirus pandemic levels. Past presidents have pledged a factory boom, yet the economy had roughly 17.3 million manufacturing jobs toward the start of 2000 when outsourcing to China and other countries accelerated as employers sought to lower their costs.
With supply chains squeezed after the COVID-19 outbreak, Biden is arguing that the return of factory jobs to the U.S. will help eliminate knots in the supply chain and keep inflation low.President Joe Biden remarks on the importance of American manufacturing and buying products made in America.from January of last year. The rule will require that companies providing goods to the federal government have 75% of their product content made domestically to qualify by 2029.
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