U.S. takes steps to encourage manufacturers to reshore production

Lawmakers and the White House continue to discuss reshoring incentives ‒ including a reduced corporate tax rate and tax credits for reshoring expenses ‒ to encourage American companies to relocate production from China back to the United States. According to Reuters, lawmakers hope to include monies to encourage reshoring as part of either ongoing COVID-19 stimulus packages or the annual National Defense Authorization Act. Additionally:

• Sen. Marco Rubio (R-FL) introduced a bill to increase taxes on corporations’ income from China.
• Rep. Mark Green (R-TN) introduced a bill to fund American companies at risk of takeover by Chinese firms.
• President Trump signed a May 14 Executive Order giving the International Development Finance Corporation authority to invest domestically to improve supply chains.