U.S. officials on Monday said they are working closely with foreign investors to identify gaps in the U.S. manufacturing supply chain and to help small- and medium-sized businesses scale up to meet
U.S. officials on Monday said they are working closely with foreign investors to identify gaps in the U.S. manufacturing supply chain and to help small- and medium-sized businesses scale up to meet rising demand as foreign investments surge.
Assistant Secretary of the Treasury Chris Pilkerton and Small Business Administrator Kelly Loeffler told Reuters that U.S. President Donald Trump's tariffs on foreign imports and deregulation were fueling foreign investments in manufacturing, but it was critical to ensure components were also available.
The two officials spoke during a visit to a historic Philadelphia shipyard acquired by Hanwha Ocean and Hanwha Group in December 2024 after a review by the Committee on Foreign Investment in the U.S. (CFIUS), which Pilkerton leads.
David Kim, CEO of Hanwha Philly Shipyard, told Reuters his company had pledged to invest $5 billion at the facility in the coming years, which could boost jobs at the site to 10,000 from around 2,000 now. It has already invested more than $200 million to upgrade the shipyard's workforce, capabilities and capacity.
The company relies on over 1,000 suppliers for each massive ship it builds, he told a separate news conference, about two-thirds of which were U.S.-based. That number could grow
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