Article summary
Companies plan to continue shifting supply chains out of China, regardless of who wins the Nov. 3 presidential election, according to Tim Ryan , the chair of PwC U.S. The issue came into focus in response to President Donald Trump ‘s trade war with China, but it only gained importance across corporate America due to the coronavirus pandemic , Ryan said in a “Closing Bell” interview, drawing on findings from a recent survey conducted by the powerhouse accounting firm. on supply chain risk, and one of the things that we’re seeing is supply chain derisking has moved all the way up to the boardroom level, as we see now concentrations in our supply chains that was maybe not evidenced before,” Ryan said. The beneficiaries of exits from China, home to the world’s second-largest economy, are likely to be countries in Southeast Asia, Mexico and the United States, according to Ryan. In PwC’s survey of 578 U.S. executives, released last month, there was traction for policies to boost American manufacturing. […] One of the careful things we have to balance here, we clearly have a need to make sure we pay for the stimulus. We clearly have a need to make sure we don’t leave people behind, but in the same token, we can’t lose the competitiveness of U.S. businesses because that does mean jobs,” Ryan said.
