Manufacturers await Biden’s ‘Buy American’ plan
FOX Business’ Gerri Willis on how manufacturers are faring right now and Biden’s upcoming ‘Buy American’ plan.
As U.S. manufacturers await President Biden’s “Buy America” plan, one CEO is hoping he will “level” the playing field with China.
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FOX Business’ Gerri Willis visited Sherrill Manufacturing, the only American maker of flatware, and asked the company head what the biggest problem facing U.S. manufacturers.
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“In our particular case, it's Chinese stainless steel subsidies,” Sherrill Manufacturing CEO Greg Owens said. “Our predecessor decided about 16 years ago that they could no longer manufacture in the United States.”
According to Owens, it’s cheaper to buy finished products overseas than buy the raw materials and manufacture them at home. The Chinese government owns the steel mills in their country and is able to produce and sell it subsidized at approximately 50% of the market price, he explained.
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Owens said this gives Chinese manufacturers “an unfair advantage.”
“So, level our playing field and with our workers and our equipment, we’ll compete with anybody in the world,” he said.
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Biden’s ‘Buy American’ plan, which his campaign released in July, could contain a tax credit for rebuilding and refurbishing U.S. facilities and higher taxes for those who offshore production of American goods. It would also set aside $400 billion in government spending for American manufacturers.
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