WASHINGTON - For companies with supply chains that snake around the globe, the crises have just kept coming: First the prolonged and painful US-China trade war, then a coronavirus pandemic that snarled shipments, stalled international travel and shut factory doors.
But those arguments have yet to result in a wave of factories returning to the US. Foreign direct investment into the US - which measures spending from internationally owned companies to start, expand or acquire American businesses - sank drastically last year, to its lowest recorded level since 2006.
The furniture maker La-Z-Boy is one example. The company shifted its production out of China to Vietnam last year to bypass Trump's tariffs on US$360 billion worth of Chinese goods. But on a June 24 earnings call, Kurt Darrow, La-Z-Boy's chief executive, announced that the economic effects of the pandemic would force the company to make steep cuts to its workforce, including in the US.
The Trump administration's newly created US International Development Finance Corp may offer tens of billions of dollars to help reshore manufacturing of protective equipment and generic drugs. The administration is also considering other tax incentives and"reshoring subsidies," potentially as part of the next stimulus package, to try to lure factories home.
Source: News Formal (newsformal.com)
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