Jerry Summers
With Black Friday and the Yuletide purchasing seasons occurring in 2023, many patriotic Americans are wanting to support our country’s manufacturing industry by buying native built items as gifts (if the price is right.)
The advertising marketers often use their carefully crafted ads in local, state, and national media releases to solicit your dollars based on your love for our nation.
Numerous gasoline and electrical appliances proudly tout their support of our booming economy by proudly asserting in small print that their items on the free enterprise market contains a “majority of products sold in America are made in America of US and “global materials”.
The above term is defined under the Federal Trade Commission (FTC) generally that the goods are “assembled in the USA with foreign parts and pieces.”
This rather subjective definition could range from being a completely foreign constructed device except for the attaching of four bolts after receiving the item from overseas, or something that is 99.9% American created.
The FTC has made the definition more complex by getting into the “labelling category”.
The FTC internet link or one to “Investopedia” have been recommended by sources for explanation.
You might add to the confusion by asking the commissions (or hourly rate) of any clerk with a Masters in Business Administration (MBA) degree in Economics or Foreign Finance for a detailed explanation of the title of this article. In November 2023, asking what percentage of parts come from Russia, Ukraine, Israel, Iran, or Korea(s) might result in an incomplete answer.
(Perhaps Santa Claus (oophs) can provide an answer if he should show up at any department or hardware store.)
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You can reach Jerry Summers at jsummers@summersfirm.com