WASHINGTON : President Joe Biden is preparing to sign an executive order to review US supply chains for large-capacity batteries, pharmaceuticals, critical minerals and semiconductors that power cars, phones, military equipment and other goods. However, Biden will also look to work with international partners to ensure a stable and reliable supply chain. Over the past year, the fragility of vital supply chains has been revealed repeatedly. The chip shortage is indicative as to why Biden is trying to be proactive with the reviews, so that they can strengthen the supply chains to prevent additional challenges from emerging. Moody's predicts that the chip shortage will cost Ford and General Motors about one-third of their pretax earnings this year.

Source: Mint February 24, 2021 10:30 UTC