WASHINGTON (Reuters) - U.S. President Joe Biden on Friday will announce requirements for the government to buy more made-in-America goods at a White House event where Germany's Siemens AG (OTC:SIEGY) will commit to new investments in U.S. manufacturing.
Biden has vowed to direct more of the $600 billion in federal spending each year toward domestically manufactured goods in hopes that doing so will rebuild factories in hard-up regions, create blue-collar jobs and shift the country away from a reliance on competitors like China.
Among the steps, the administration is finalizing rules requiring that products have at least 75% domestic content to meet federal guidelines for being made in the country, up from 55%, the White House said.
Siemens USA will announce plans to invest $54 million and create 300 jobs in expanded domestic production of electrical components like circuit boards used in electric vehicle chargers, data centers and industrial sites, officials said. Some of the jobs will be in California and Texas.
The event is scheduled for 12:25 p.m. Eastern time (1725 GMT).