According to an expert, Professor Nada Sanders, one of the key solutions to the economic unrest caused by the Covid-19 is the withdrawal of manufacturing activities from China by U.S. Corporations. Other economic experts shared their recovery vision with the Herald.
“Bringing back manufacturing to the United States would be an economic boon as well as an important national security interest to aid the battle against future pandemics and crisis related to public health.
In all of these recent devastating events, there’s something good coming from it – the return of manufacturing back to the United States. This will in turn help provide more jobs for the thousands of Americans who lost their jobs due to the pandemic.”
Companies Should Take Advantage of Low Interest Rate and Tax Incentives to Reshore Manufacturing Jobs
Tax incentives and low-interest loans will motivate United States companies to withdraw manufacturing from China and return it home. Categorically, it will help bring back jobs to Americans, especially at this critical moment. Pressures on China are mounting from governments across the globe, due to the growing suspicion that China may be behind the virus since it erupted from Wuhan in 2019. Besides, it is suspected that China is dealing shrewdly when it comes to stopping the virus.
While the federal government is making efforts to bring businesses back to their feet, economic experts advise that companies need to do their own bit too. One of such efforts is to consider their supply chains since the pandemic is lingering.
“The present predicament is an eye-opener to the vulnerabilities of making supplies dense in a single region. It’s risky for businesses to put all their eggs in one basket. So, it’s high time to diversify and bring most manufacturing jobs back to the United States”, says Professor Nada Sanders.
According to Peter Navarro, President Trump’s trade adviser, it’s high time companies started reshoring. It’s time to bring back off-shored manufacturing jobs to the United States. “The United States needs to brace up and start being less reliant on China. Let’s bring jobs back here, especially in the medical and manufacturing industry”, he added.
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