US rolls out new steps to bolster supply chains

US President Joe Biden's administration is set to roll out Thursday new steps to boost domestic production of key materials and address supply chain problems that have contributed to soaring prices over the past year.

The plan includes new financing for ports, small manufacturers and exporters, as well as steps to increase competition in the meat industry.

The moves come on top of previously announced steps to bolster domestic production of critical computer chips that have become symbolic of the pandemic-induced shortages.

"Supply chain resilience is now an enduring national priority," as well as a  "national security" issue, a senior administration official told reporters.

The programs, which span multiple agencies and will be announced later this week, include $10 billion in funding from the US Treasury Department to leverage loans to small manufacturers.