With passage of the 2017 Tax Reform, many companies have repatriated funds into the U.S. This is a grand opportunity to invest in American manufacturing. But suppliers and supply chains remain mostly overseas and subject to penalty import tariffs. So what is your tariff strategy? Find suppliers in other countries? Use a Foreign Trade Zone? Develop new suppliers? Automate a brand new production line?
According to a recent study, 54% of US manufacturers over $1 billion in revenue are considering reshoring some or all of their manufacturing. Manufacturing is hot, hot, hot in the current economy. But it’s not as easy to reshore as you may think, and requires strategy, planning, and a commitment to invest. Rethinking manufacturing processes, factory design, automation, and finding workers with new skills are today’s manufacturer’s challenges. A new day is dawning in factories across America. Are you ready?