American manufacturers are increasingly bringing production back to the US to reduce their reliance on global supply chains that proved vulnerable to disruption such as the pandemic.
An overwhelming majority of American companies with production operations in China have already moved some back to the US or plan to do so in the next three years, according to Kearney's 2021 Reshoring Index.
Almost four in five corporations companies have already shifted production to the US and at least 15% are considering it due to high tariffs and ongoing supply chain challenges, Kearney's report shows.
However, imports from low-cost Asian countries to the US still increased last year.
"Reshoring" manufacturing has also been spurred by geopolitical disruption triggered by the Russia-Ukraine war.
General Motors announced in January it would spend $7 billion on four plants in Michigan. Last year it spent almost $40 billion buying parts from some 5,600 US suppliers.
The manufacturer behind Chevrolet, GMC, Cadillac, and Hummer announced its biggest investment to increase its battery cell production to achieve its aim of becoming North America's biggest electric vehicle producer.
GE Appliances is also investing on expanding US production to make products closer to customers and create more American jobs. READ MORE...
