Biden: "Trump's Buy American is a Bluff"

'Made in America' Tax Policy Announcement
Tax Benefits for Companies Relocating Jobs to the United States

Democratic presidential candidate Joe Biden is giving a speech during his visit to Warren, Michigan on the 9th.
[Image source=Reuters Yonhap News]

[Asia Economy New York=Correspondent Baek Jong-min] Joe Biden, the Democratic presidential candidate in the United States, announced a tax policy on the 9th (local time) that penalizes companies that move jobs overseas.

On the 9th (local time), the Biden campaign unveiled the 'Made in America' tax policy, which imposes tax disadvantages on companies that relocate jobs abroad and provides benefits to companies that maintain manufacturing in the United States.

Biden announced this policy at a rally held in Warren, Michigan, a declining industrial region known as the Rust Belt and a battleground state, positioning it as a counter to President Donald Trump's economic policies.

Biden's tax policy imposes an additional 10% tax on U.S. companies that move manufacturing and service jobs overseas and then sell back to American companies.

Instead, companies that ▲reactivate closed facilities ▲renovate facilities to improve competitiveness and employment ▲bring job-creating production facilities back to the U.S. ▲expand U.S. facilities to increase employment will receive a 10% tax credit.

Biden stated that if elected, he will strengthen the 'Buy America' rules prioritizing American-made products in public infrastructure projects during his first week in office and issue an executive order requiring critical goods to be made with American parts.

He also pledged to punish companies that falsely claim their products are American-made and to establish a 'Made in America' office within the White House.

Biden emphasized his stance to close loopholes in President Trump's America First policy, stating, "Trump's Buy American policy was a bluff that resulted in more federal procurement contracts being awarded to foreign companies."

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