US to raise bar for ''Made in America'' products, says Donald Trump

US President Donald Trump has ordered that only products with more than 55 per cent made in the country might be considered "Made in America", eyeing to raise the bar to 75 per cent in the future. Speaking at the 'Made in America' product showcase at the White House on Monday, Trump told a group of US manufacturers that in the future "domestic goods will have to have 75 per cent of American, and 95 per cent for things such as iron and steel", in order to be considered "Made in America", reports Xinhua news agency.

"If we can build it, grow it or make it in the US, we will," Trump said, adding that American steel and aluminium factories and mines "are not closed anymore or they won`t be closed very long". Currently, the threshold for being considered "Made in America" is at 50 per cent.

See Zee Business video below:

जिंदगी हमें हर रोज कुछ ना कुछ नया सिखाती है: अनिल सिंघवी

आप भी हमें हैशटैग #GuruPurnimaKaMatlab पर ट्वीट कर अपनी राय बताएं@AnilSinghviZEE @iamrakeshbansal @kunalsaraogi @AvinashGoraksha @kiran_jadhav_ #GuruPurnima pic.twitter.com/tsD8Mr513A

— Zee Business (@ZeeBusiness) July 16, 2019

The standard for "Made in America" carries legal consequences as the Buy American Act of 1933 dictates that the government prefer US-made products in its acquisitions.

At the showcase were large hardware products such as motorcycles, bicycles, yachts, a motor home, and the THAAD missile system. 

There were also smaller gadgets such as lighters, pens and bottle openers. One company was chosen from every state as a representative.

This year marks the third time the White House has hosted the product showcase.