Consumers are having to pay 'high global market price, even when the cost of production is not high'
The union is in need of better supply chain management. That was one takeaway from President Joe Biden’s annual State of the Union address to Congress on Feb. 7.
Part of the solution simply has to do with things slowly returning to normalcy, post-COVID-19, he suggested. However, the president believes the pandemic has revealed structural problems in the U.S. economy that the government has to move on. Subsequently, “we all saw what happened during the pandemic when chip factories shut down overseas,” Biden said.
Of that total, “$200 billion is for scientific [research and development] and commercialization,” McKinsey said. “What he is saying is let us have better control over supply chains of products that we need and not let that supply chain start in China or Vietnam or India or Ukraine or Russia,” Hitendra Chaturvedi, a professor of supply chain management for Arizona State University, told the Washington Examiner. “So we are insulating ourselves from global issues like war in Ukraine, on which we have no control. It is about risk mitigation and control over supply chain variables.
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