White House Trade Advisor Peter Navarro has announced he is bringing an executive order before President Trump intended to end U.S. dependence on foreign pharmaceuticals and medical equipment and bring that manufacturing back to the U.S.
“We have a problem with the FDA and the EPA in terms of siting and operating facilities here in America so we’re going to deal with that,” Navarro toild CNBC’s Squawk Box Monday.
“What I can speak to is this broader interesting issue of how dependent the United States of America is on the global supply chain, not just for its medicines, but for its medical supplies and medical equipment. And as we speak, I’m bringing an executive order to the president personally asking him to move quickly on this issue. And yes, it’s an executive order, which we hope to get to the finish line by the end of the week, is to bring all of that home so we don’t have to worry about foreign dependency,” Navarro said.
“70% of our advanced pharmaceutical ingredients comes from abroad. We’ve got face mask issues; goggle issues, things like that. If we get this executive order through, it basically attacks the problem in three ways consistent with what President Trump not only has been governing on but campaigned on. It’s buy American, it’s innovate and it’s deregulate. And the “buy American” piece is important because the VA, HHS and the Department of Defense buy a ton of medicines, medical supplies and medical equipment. We need to have them buy that from American producers on American soil.
What that’ll do is attract investment. We have a problem with the FDA and the EPA in terms of siting and operating facilities here in America so we’re going to deal with that.”