Democratic presidential nominee Joe Biden is proposing a 10 percent tax penalty on companies that move operations overseas and a 10 percent tax credit for companies that create jobs in the United States in a policy rollout Wednesday.

Biden, who is launching a renewed focus on economic issues with a speech in Michigan on Wednesday, will also promise to reverse Trump administration policies that his campaign said amount to "loopholes" that allow offshoring to take place.

The former vice president will further pledge to take executive action during his first week in office to direct the federal government to buy American goods and support American supply chains in their procurement processes, his campaign said.

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