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Friday, January 27, 2023

Biden wants to focus on strengthening supply chains in Europe

A lack of investment in the past has openly revealed it in the corona pandemic: Global supply chains for certain goods have structural weaknesses.

Washington (AP) – The US government wants to work more closely with partners and allies to reduce weaknesses in global supply chains and become more independent of rivals like China.

President Joe Biden wants to put the topic on the agenda on his trip to Europe, which he is setting off this week, a government official said on Monday (local time).

The background to this is a review of the supply chains ordered by Biden, which focused on semiconductors, large-capacity batteries, so-called rare earths and pharmaceuticals. The pandemic and the resulting economic crisis have exposed the structural weakness of national and international supply chains, which endanger the economic and national security of the United States, it said from the White House.

A lack of investment in the past, but also unfair trade practices in other countries and an economic model that was not geared towards sustainability are responsible for this.

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The bottlenecks in construction or semiconductors, among other things, are to be dealt with in Washington by a new working group headed by the Ministry of Economics, Transport and Agriculture. The government is also creating a “trade force” based at the US Trade Representative’s office to take action against unfair trade practices.

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