Trump signs executive order to raise standards for Made in America products

It will have a major impact on procurement of products by the federal and state government that runs into billions

US President Donald Trump has signed an executive order that raises the standards for products to be designated as Made in America, which will have a major impact on procurement of products by the federal and state government that runs into billions.

"Today, I'm pleased to announce that we will begin our Buy American requirements, but even stronger. Currently, a product can be 50 per cent foreign and it still counts as American-made," Trump told reporters at the White House.

Moments later he signed an executive order that will eventually raise these standards up to 75 per cent and above so that domestic goods will have to have 75 per cent American, and 95 per cent for iron and steel.

"The philosophy of my administration is simple: If we can build it, grow it, or make it in the US, we will," Trump said.