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.