Manufacturers Optimistic About Trade Pact

A survey found that a majority felt the USMCA would have a positive impact.

 

Sikich, a leading industry analyst, recently published a report detailing the industrial sector’s current thoughts and future plans relating to recent and evolving market dynamics.

As it relates to the U.S.-Mexico-Canada Agreement (USMCA) - 63% of manufacturers and distributors with revenues of less than $500M feel the impact will be positive. 

  • 58% of businesses this size also feel the U.S.-China Economic and Trade Agreement will be positive. 
  • 72% of manufacturers and distributors with revenues of more than $500M feel the USMCA will be positive.
  • 67% of businesses this size also feel the USCETA will benefit their business.

In response to these new trade developments:

  • 56% are manufacturing more products or components in the U.S.
  • 61% feel the impact of the Trump Administration’s trade policies will benefit their business.
  • 43% feel the election of Joe Biden would have a positive impact on their company. 

To more effectively manage health initiatives going forward:

  • 48% of respondents plan on diversifying their supply chain over various geographic regions.
  • 39% plan to close manufacturing operations in high-risk countries.
  • 25% plan on bringing more operations to the U.S. from other countries.
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