(FinancialHealth.net) – Shortly after the start of the COVID-19 pandemic, President Donald Trump began using the Defense Production Act of 1950 as a means of ensuring the US had all the supplies it needed to fight the virus. The law allows the executive to require companies to manufacture goods for our national defense.
This week, the Trump Administration announced the commander-in-chief is invoking the act again.
During an interview on Fox Business’ “Mornings with Maria,” White House trade adviser Peter Navarro revealed Kodak is receiving a $765 million loan. The money will be used to bring drug manufacturing back to the US. He called it the “beginning of American independence from our pharmaceutical dependence on foreign countries.”
Navarro explained the president directed his office to find a way to get drug manufacturing home. President Trump confirmed the announcement about Kodak later that afternoon.
The coronavirus outbreak has proven we’ve relied too heavily on countries like China for the components of life-saving drugs. If the country were to ever cut us off, it could literally kill people. To protect our citizens, that manufacturing needs to be brought home. Trump’s latest action is a step in the right direction.
~Here’s to Your Financial Health!
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