Moving manufacturing back to North America
by: Nelson Balido
China has had a tough 2020. Intellectual property rights infringement, stealing university and U.S. government-funded research, spys routed out in public, Hong-Kong takeover, Human-right abuses, Coronavirus cover-ups, supply-chain bog downs, and the list goes on. The conclusion is that China has lost its luster with businesses in the United States and abroad. These issues are not new; instead, they have reached a boiling point where the international business community is getting leary of putting too many eggs in China’s basket. The U.S. government has certainly done its share to bring many of these things to light. And while this is happening, and companies look elsewhere to move, the possibilities of increasing North America manufacturing has become more attractive than ever.
Business photo created by aleksandarlittlewolf – www.freepik.com
There is a new era of business cooperation between US-Mexico-Canada that is ever-increasing in popularity. With the recent USMCA (the United States Mexico Canada Agreement) trade agreement replacing the dated NAFTA (North American Free Trade Agreement), there are more opportunities for North American companies to bring manufacturing back home than ever before.