I'm not sure there's really any existing statutory authority to do this. Unless it's some sorta national security thing, or because it's a country that's under sanctions. But like, if we're moderately friendly with India, there's no existing US laws that say the govt can tell businesses not to use India in the supply chain. We couldn't just arbitrarily decide it for some things while generally allowing business with India. Except in the case of the Defense Industry.
And also, there's no real distinction in US law around what a "US company" is except in that it needs to have a permenant presence here and do business here, even if it's wholly owned by foreigners. Moreover, even in a case like Nintendo America, which is 100% owned by Nintendo and thus not publicly traded, Nintendo the actual foreign company is on the NYSE. It's a little more convoluted, and only viable for big companies. But if you were to dissolve the US incorporation of Cognizant tomorrow. That wouldn't on its own force it off the NYSE.
And it's probably not a good idea to change any of that. However, Trump already keyed in on the power we do have, Tariffs. You can outsource all you want but we can basically zero out any additional profit you were gonna make by using slave labor, when you have to ship the product here, even if you're a wholly American Owned company. And we can also work on some of the incentives to outsource in the first place, via reducing excessive regulations, and fix all the nonsense with social security and payroll taxes.
You're going to send jobs overseas? Yeah, how about we delist your company from the Wall Street stock exchange?