Coronavirus could turn out to be President Trump’s strongest ally in shifting the United States from a leader of the multilateral trading system to an inward-looking nation sheltered behind protectionist walls
“Business wants to be a part of the solution and is already preparing for the realities setting in from the pandemic, including increasing digitalization and diversifying of supply chains," he added.
In addition, chief White House economic adviser Larry Kudlow has floated the idea of the government paying moving expenses of companies that want to relocate production back to the United States. China became a leading manufacturer of finished goods following its entry into the WTO in 2001, as well as the source of many intermediate products that U.S. companies used to make their own finished goods. Trade between the two countries soared, leading to a record U.S. goods trade deficit with China of $420 billion in 2019.
“I think from the mid-2010s onward, companies have really been looking at ... moving toward regional supply chain type of structures to mitigate risk,” said Peter Anderson, vice president of global supply chain at Cummins Inc., an engine and power generation manufacturer, during a recent discussion hosted by the Hudson Institute.
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