Title : White House Is 'Turbocharging' An Initiative To Remove Global Industrial Supply Chains From China
link : White House Is 'Turbocharging' An Initiative To Remove Global Industrial Supply Chains From China
White House Is 'Turbocharging' An Initiative To Remove Global Industrial Supply Chains From China
Containers of Chinese companies China Shipping and COSCO (China Ocean Shipping Company) are loaded on a container as it is leaving the port in Hamburg, Germany March 11, 2020. REUTERS/Fabian Bimmer
Reuters: Trump administration pushing to rip global supply chains from China: officials
WASHINGTON (Reuters) - The Trump administration is “turbocharging” an initiative to remove global industrial supply chains from China as it weighs new tariffs to punish Beijing for its handling of the coronavirus outbreak, according to officials familiar with U.S. planning.
President Donald Trump, who has stepped up recent attacks on China ahead of the Nov. 3 U.S. presidential election, has long pledged to bring manufacturing back from overseas.
Now, economic destruction and the massive U.S. coronavirus death toll are driving a government-wide push to move U.S. production and supply chain dependency away from China, even if it goes to other more friendly nations instead, current and former senior U.S. administration officials said.
“We’ve been working on [reducing the reliance of our supply chains in China] over the last few years but we are now turbo-charging that initiative,” Keith Krach, undersecretary for Economic Growth, Energy and the Environment at the U.S. State Department told Reuters.
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WNU Editor: No one should be surprise that this push to move U.S. production and supply chain dependency away from China is intensifying. This pandemic crisis has open the doors for the White House to pursue a far more aggressive economic policy against China that if proposed a year ago, would have produced an enormous backlash. So what is my prediction. A number of companies and government have learned in the past two months that being solely dependent on China in their supply chain is a prescription for disaster. I do expect a number of companies will remain in China, but it will not be like it was in the past. Many will relocate to other countries, and some will return to the U.S.. Governments are also going to jump in and legislate laws that will make it mandatory for companies to have some of their manufacturing/production facilities in the countries that they want to sell. I can easily see this happening first with medicines, supplements, and medical products.
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