U.S. to raise bar for "made in America" products

U.S. President Donald Trump ordered Monday that only products with more than 55 percent made in the United States may be considered "made in America," eyeing to raise the bar to 75 percent in the future.

Company representatives invited to the White House stand next to President Donald Trump as he holds up an executive order after he signs it during a Made in America showcase on the South Lawn in Washington, July 15, 2019. [Photo: AP via IC/Andrew Harnik]

Speaking at the Made in America product showcase at the White House, Trump told a group of U.S. manufacturers that in the future "domestic goods will have to have 75 percent of American, and 95 percent for things such as iron and steel," in order to be considered "made in America."

"If we can build it, grow it or make it in the United States, we will," Trump said, adding that U.S. steel and aluminum factories and mines "are not closed anymore or they won't be closed very long."

Currently, the threshold for being considered "made in America" is at 50 percent.

The standard for made in America carries legal consequences as the U.S. Buy American Act of 1933 dictates that the U.S. government prefer U.S.-made products in its acquisitions.

At the showcase were large hardware products such as motorcycles, bicycles, yachts, a motor home, and the THAAD missile system. There were also smaller gadgets such as lighters, pens and bottle openers. One company was chosen from every state as a representative.

This year marks the third time the White House has hosted the Made in America product showcase.