NEW YORK — President Donald Trump plans to announce a $20 billion buyout Monday of leather and fabric jackets and coats, his first major spending on the category in more than a decade, the White House said in a news release.
The buyout is expected to come as the White Houses administration considers the potential for federal funds to help manufacturers develop new jackets, a White House official said.
The announcement follows weeks of scrutiny by lawmakers who say the country is suffering from a pandemic and that the country needs a $1.3 trillion supplemental bill for the nation’s health care system, including the healthcare industry.
The $20bn buyout would be the largest such deal by a president in more more than three decades.
Trump has previously said the industry is in a “death spiral” and would be “the biggest buyout in history.”
Trump also plans to unveil his own $1 trillion plan, including a $100 billion increase in infrastructure spending.