Caterpillar and other construction-exposed companies are facing a potential delay to President Trump’s infrastructure plan. A bigger issue may come from ‘Buy American’ rules that may go with such plans when they finally arrive. Caterpillar’s exposure will depend on the rules of origin associated with such a deal. Panjiva’s teardown of Caterpillar’s U.S. imports shows it has a highly diverse supply chain, with 48 countries involved in its top 20 import lines alone. It buys 25% of its buckets and blades from Japan, and sources extensively in China for its drivetrains and hydraulics.

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