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Where We Stand Today: Industry Insights into the Future of Tariffs
2 Min Read
On May 13, MichAuto Executive Director Glenn Stevens Jr. led a discussion with UHY LLP Partner and Managing Director of UHY Advisors Thomas Alongi and UHY Consulting Principal Charles Clevenger on the current landscape of American manufacturing as it relates to tariffs.
Alongi and Clevenger provided insights on managing the new tariff environment, including investing in technology to enhance productivity, focusing on cost-control measures, and the necessity of building robust relationships with suppliers to mitigate disruption.
The Story of American Manufacturing
Alongi discussed the evolution of American manufacturing, emphasizing the decline in goods-producing employment compared to the growth in the service sector. Regarding the downward spiral in U.S. employment, he said, “Less than 14 million individuals are employed in goods-making industries, even in construction. We have almost 130 million in the service sector, so we have become a service-based economy.”
Events like China’s entry into the World Trade Organization and the creation of NAFTA have contributed to this shift, which has also flattened manufacturing productivity. The COVID-19 pandemic further exposed vulnerabilities in supply chains, leading to renewed interest in revitalizing American manufacturing. To compete globally, it is crucial to establish a level playing field, as unfair tariffs can worsen trade deficits.
Read the full article published by MichAuto.
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