That’s right folks!
Economic powerhouse Japan appears to be distancing itself from China.
America started the trend by moving away from Chinese manufacturing, specifically with medical supplies:
White House trade policy adviser Peter Navarro said Monday that the administration was planning on issuing a “Buy American” executive order for medicine and related supplies by the end of the week.
“The essence of the order … is to bring all of that home so that we don’t have to worry about foreign dependency,” he told CNBC, arguing that too much of the supplies are dependent on foreign sources. “We’ve got face mask issues, goggle issues, things like that.”
Navarro indicated the order, first proposed last week, would be used to allocate emergency funds authorized by Congress to “flip the switch” in a U.S. facility in Virginia “so we can make stuff here and do it more cost-efficiently.” He did not indicate how much funding would be directed to the factory and in what form, or if other facilities were being considered [Washington Examiner [1]]
RELATED: Breaking Report: Trump to Sign a ‘Buy American’ Executive Order That’ll Bring Medical Innovation Back to the U.S. [2]
But Japan is taking things even further than the U.S. and is actually spending billions to move manufacturing companies out of China and back to their own country.
This is what the U.S. needs to do!
The Japanese government has allocated billions of dollars in a stimulus package to help manufacturers move production out of China and into other countries.
The stimulus package, which is to offset the financial hit of the coronavirus, includes 220 billion yen, or $2.2 billion [3], for companies shifting production from China back to Japan, and 23.5 billion yen for companies to shift to other nations, according to Bloomberg.
“There will be something of a shift,” said Shinichi Seki, an economist at the Japan Research Institute. “Having this in the budget will definitely provide an impetus.” Companies that manufacture for the Chinese market, such as car makers, will likely remain, he said. [Washington Examiner [4]]
This is a great idea and one that America should seriously consider doing.
We’re looking at you Apple…
This piece was written by Sophie O’Hara on April 10, 2020. It originally appeared in WayneDupree.com [5] and is used by permission.
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