The US administration yesterday submitted to Congress the President’s budget for fiscal 2023-24 that would expand domestic manufacturing and build resilient supply chains; expand trade; foster inclusive capitalism and equitable economic growth; and address the climate crisis through mitigation, adaptation and resilience efforts, the commerce department said.

The budget for the department makes investments to drive US innovation and global competitiveness and protect US technologies, capital and expertise.

The US administration yesterday submitted to Congress the President’s budget for fiscal 2023-24 that would expand domestic manufacturing and build resilient supply chains; expand trade; foster inclusive capitalism and equitable economic growth; and address the climate crisis through mitigation, adaptation and resilience efforts, the commerce department said.

It requests $12.3 billion in discretionary funding and $4 billion in mandatory funding to support key commerce department priorities, the department said in a release.

“President Biden’s budget makes targeted, strategic investments that will position America’s workers and businesses to succeed in the 21st century,” said secretary of commerce Gina Raimondo.

“In addition to building on the critical investments in the Internet for All and climate resiliency programmes, included in the Bipartisan Infrastructure Law and Inflation Reduction Act, these investments will bolster manufacturing and supply chains, create more good-paying jobs, and revitalise communities across the country,” she added.

To help strengthen US supply chains, the budget includes $277 million for the National Institute of Standards and Technology’s (NIST’s) Manufacturing Extension Partnership (MEP). MEP is a public-private partnership with centres in every state that helps advise small and medium businesses to narrow gaps in supply chains, develop a skilled and diverse workforce, and make the domestic manufacturing sector more resilient.

The budget also includes $98 million for NIST’s Manufacturing USA programme, and $21 million to establish a Supply Chain Resiliency Office within the International Trade Administration (ITA).

The funding provided for Manufacturing USA will also finance $60 million in new competitive awards to enable existing Manufacturing USA institutes to promote domestic production of technologies developed at the institutes.

The budget includes $3 million to support ITA’s engagement with 13 Indo-Pacific Economic Framework for Prosperity (IPEF) partners, enabling ITA to reaffirm relationships and establish an economic framework that benefits US workers and businesses, while improving US economic and national security.

It includes $420 million for ITA’s global markets, with an additional $17 million to support US export competitiveness and enhance US ability to counter unfair trade practices and economic coercion by China.

The budget includes $6.8 billion for the National Oceanic and Atmospheric Administration (NOAA), $451 million more than the FY23 levels.

Fibre2Fashion News Desk (DS)