How Reshoring May Affect Supply Chains and Jobs

The American Chemistry Council (ACC) recently released an article detailing the current state of the shipping industry. A recent study published by the Trade Partnership Worldwide notes that imports account for 21 million American jobs; an important fact to consider entering a new normal with discussions regarding reshoring, which would reduce the amount of imported goods in the United States. Proponents of The Miscellaneous Tariff Bill (MTB) also recognize the value imports play in the U.S. economy by temporarily reducing or suspending import duties on specific goods. The ACC reasons that suspending tariffs on imported goods may, in the long run, save the chemistry industry over $1.3 million per day.