In order to combat baby formula shortage caused by Abbott Nutrition's voluntary recall, President Joe Biden has announced a set of additional actions.
To ensure that U.S. manufacturers have the necessary ingredients to make safe, healthy infant formula, the President is invoking the Defense Production Act. He is requiring suppliers to direct needed resources to infant formula manufacturers before any other customer who may have ordered that good. Directing firms to prioritize and allocate the production of key infant formula inputs will help increase production and speed up in supply chains.
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Political News
June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.