I wonder about that 40% number. Wolf for example was made in Russia, but is now Taiwan and is actually an American company I believe. A lot of imported ammo actually comes out of Serbia, Israel, Czech Republic, etc. I’ve been buying and shooting a lot of Norma handgun ammo now that they make it, that’s Norway. Fiocchi has always been a big name out of Italy. I’m not convinced this ban will make that big a difference. Especially as other manufacturers have increased production capacity recently.
Of course Biden could try to ban imports from other countries.