Well, this is some great news!
According to a new report, American companies are leaving China by the boatload amid the COVID-19 outbreak in that country:
Forbes magazine reports that United States manufacturers are, in fact, pulling their operations from China amid concerns that the country lied about the origins of the novel coronavirus, COVID-19, and hid key information from the U.S. and other countries about the true impact of the virus, including the country’s death count.
An initial exodus of manufacturing, the report says, began because of an impending trade war, and because of a lack of cooperation by Chinese authorities in resolving what the White House labeled a “trade imbalance.” Experts now expect the exodus to continue because of the pandemic.
“Global manufacturing consulting firm Kearney released its seventh annual Reshoring Index on Tuesday, showing what it called a ‘dramatic reversal’ of a five-year trend as domestic U.S. manufacturing in 2019 commanded a significantly greater share versus 14 Asian exporters tracked in the study,” Forbes reported Saturday. “Manufacturing imports from China were the hardest hit.”
Companies have been pulling back because of increased tariffs on Chinese-made goods, preferring instead to make those same products in countries with a better current trade relationship with the Trump administration, particularly countries in North America, many of whom just inked a new trade agreement with the White House. Those countries in southeast Asia with similar manufacturing capacity to China but friendlier governments, like Vietnam, have also benefitted. Vietnam absorbed 46% of the manufacturing moved from China. [Daily Wire]
Thank goodness!
The U.S. needs to get out of that virus riddled communist country and build up our own manufacturing.
This piece was written by Sophie O’Hara on April 12, 2020. It originally appeared in WayneDupree.com and is used by permission.
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