Latest news with #reshoring
Yahoo
2 days ago
- Business
- Yahoo
Opinion - Puerto Rico is Trump's perfect partner in reshoring
President Trump recently signed an executive order to bring pharmaceutical manufacturing back to the U.S. by streamlining the process for the Food and Drug Administration to approve pharmaceutical manufacturing plants. This is the latest in the Trump administration's agenda to protect national security and create American jobs by promoting the reshoring of critical supply chains that Americans rely on every day. These efforts are coupled with international tariffs to encourage domestic manufacturing. Reshoring pharmaceutical manufacturing is not only dire for American national security, but it could have resounding economic impacts across the country. One U.S. jurisdiction that is ready and in a perfect position to partner in this effort is Puerto Rico, where pharmaceutical manufacturing is already a more than $50 billion industry. With complementary efforts underway in Congress and on the island, the White House should look to Puerto Rico as America's pharmaceutical powerhouse while not trapping the island in its current territory status by hindering a future transition to statehood that would further boost the island's manufacturing ability. As a territory, the island is part of the U.S. customs zone and is not subject to U.S. tariffs, and everything that is made in Puerto Rico is 'Made in the USA.' Yet, that same territory status has limited Puerto Rico's economic development by creating persistent uncertainty, underinvestment and an unequal playing field for economic competition. The territory status is unpopular on the island, and Puerto Rican voters have voted in favor of statehood four consecutive times, most recently last November. Trump and Congress have the opportunity of a generation to leverage the pharmaceutical infrastructure and workforce in Puerto Rico to achieve their agenda while also turbocharging the economy on the island, and they have the perfect ally in Puerto Rico to do it with — the island's Republican Gov. Jenniffer González-Colón. González-Colón is leading an ambitious agenda to reshape the national narrative about the island and its people — and ultimately achieve statehood for Puerto Rico. Aligning with the Trump administration's vision to reshore advanced manufacturing of critical products, she issued an executive order in late March and reached out to top White House officials to offer Puerto Rico's well-established, yet currently underutilized, manufacturing capacity as an economic engine to help grow American prosperity. González-Colón's executive order promotes the relocation of overseas manufacturing of pharmaceuticals and other products to Puerto Rico. Much like Trump's executive order, it eliminates barriers and streamlines the process for businesses to move to the island. This action is complementary to the Medical Manufacturing, Economic Development and Sustainability Act, which was recently reintroduced and incentivizes pharmaceutical manufacturing on the island and throughout economically distressed zones across the United States. The bill is designed to attract business to the island in a way that invests in the people of Puerto Rico. It does this by providing an incentive for medical manufacturing facilities to relocate to economically distressed zones, with an incentive dependent on the number of jobs created to ensure money is flowing back into communities. The incentive itself is based on economic factors and applies to communities throughout the United States — an appropriately wide scope that comports with Trump's strong desire to reshore large amounts of production in a short time frame. By tethering the tax credits to what manufacturers invest directly into wages, salaries and real middle-class benefits, the proposal creates good-paying, quality American jobs. Reshoring to Puerto Rico would mean that critical pharmaceuticals and medical devices, as well as other products that are currently manufactured overseas in China and other nations, would now be produced in America. This would create thousands of well-paying manufacturing jobs that Puerto Rico needs to turbocharge the modest economic progress it's made in recent years. The increased consumer demand on the island would help boost the approximately $70 billion in annual interstate commerce, resulting in more jobs and profits stateside. Puerto Rico is a natural partner in reshoring the medical and pharmaceutical manufacturing industry within U.S. borders. The island's leaders share in the White House's vision of a more prosperous pharmaceutical manufacturing industry and are working to ensure reshoring efforts do not trap Puerto Rico in its current territory status but instead enable it to reach its full potential as an engine of economic growth and prosperity as a future state of our Union. Manufacturing makes America stronger, especially when it lifts up communities and the hard-working American citizens that make 'Made in the USA' a possibility, including those in Puerto Rico. George Laws Garcia is the executive director of the Puerto Rico Statehood Council. Previously, he served as the acting director of the Puerto Rico Federal Affairs Administration. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Bloomberg
3 days ago
- Business
- Bloomberg
Hadiran CEO Power Speaks on Re-Shoring High Skill Labor
Hadrian CEO Chris Power speaks at the Reagan National Economic Forum in California on re-industrialization and the re-shoring of high skill labor. He says you "have to automate" due to the lack of high skill laborers, but when automation and AI cannot do the job, a highly productive workforce is important. (Source: Bloomberg)
Yahoo
24-05-2025
- Business
- Yahoo
Trump's Commerce Secretary Says Future of American Manufacturing is 'Tradecraft' Jobs That Only Require High School Education - 'Great jobs that Start in $80,000'
President Donald Trump's push to bring back manufacturing to the U.S. from abroad has forced major companies to rethink their entire business models and invest in the country. Earlier this year, Apple (NASDAQ:AAPL) announced plans to invest $500 billion in the U.S. to expand its manufacturing in the country, while Nvidia (NASDAQ:NVDA) said last month that it will produce AI servers worth up to $500 billion in the U.S. Other major tech giants, including Amazon (NASDAQ:AMZN), Alphabet (NASDAQ:GOOG, GOOGL)) and IBM (NYSE:IBM), have also announced their U.S. investment plans. Don't Miss: Hasbro, MGM, and Skechers trust this AI marketing firm — 'Scrolling To UBI' — Deloitte's #1 fastest-growing software company allows users to earn money on their phones. In an interview with CNBC last month, U.S. Commerce Secretary Howard Lutnick talked about the progress the Trump administration has made so far in reshoring key manufacturing. Lutnick said the U.S. needs to cut its reliance on foreign manufacturing for national security and economic progress. Asked how the U.S. would secure the workforce needed for manufacturing, Lutnick said community colleges need to start training people for "jobs of the future" based on a "new model" where American families would work in major manufacturing plants. "It's time to train people not to do the jobs of the past, but to do the great jobs of the future," Lutnick said. "You know, this is the new model where you work in these kinds of plants for the rest of your life and your kids work here and your grandkids work here." Trending: Maker of the $60,000 foldable home has 3 factory buildings, 600+ houses built, and big plans to solve housing — Lutnick called his proposed model the "future" of American manufacturing and said it would create job opportunities with salaries starting around $80,000 and rising to as much as $200,000. "This is tradecraft. This is high school-educated, great jobs that start in the 80s and 90s and go up to one hundred and fifty to two hundred thousand dollars," according to Lutnick. "We are going to drive the high-value, high-performance jobs to America." Lutnick's model assumes that the "rest of the world" will make "low-value" products and sell to the U.S. "inexpensively," he said. When asked about the potential impact of automation and robotics on manufacturing, Lutnick said that even highly automated plants need humans to operate and fix equipment. "What you're going to see is a highly automated plant that employs three thousand people per plant," he said. "You've got to remember these plants, all these automated arms and stuff. They need to be fixed. They all need a technician to fix them."Lutnick emphasized that bringing critical manufacturing back to the U.S. has national security significance, adding that without domestic semiconductor production, the country cannot build drones or fighter jets for its defense. He also highlighted the importance of automobile manufacturing, connecting it to the production of military equipment. "Why do you need to make autos? Because if you decide you want to make tanks and you want to make trucks and in military, if you don't have steel, if you don't have aluminum, if you don't have cars, you know what you are? You're nowhere," he said. Americans are scrambling to buy new cars as Trump's tariffs on imported vehicles and auto parts are expected to drive up prices. Some analysts estimate the tariff impact to range from $2,000 to $15,000 per vehicle in the U.S. Read Next: Invest where it hurts — and help millions heal:. Inspired by Uber and Airbnb – Deloitte's fastest-growing software company is transforming 7 billion smartphones into income-generating assets – Image: Shutterstock Up Next: Transform your trading with Benzinga Edge's one-of-a-kind market trade ideas and tools. Click now to access unique insights that can set you ahead in today's competitive market. Get the latest stock analysis from Benzinga? APPLE (AAPL): Free Stock Analysis Report TESLA (TSLA): Free Stock Analysis Report This article Trump's Commerce Secretary Says Future of American Manufacturing is 'Tradecraft' Jobs That Only Require High School Education - 'Great jobs that Start in $80,000' originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
24-05-2025
- Business
- Yahoo
CSX Corporation. (CSX) Sees Growth as 600+ New Projects Ride Domestic Manufacturing Wave
As U.S. manufacturing ramps up under new government incentives, CSX Corporation. (NASDAQ:CSX) is seeing a surge in industrial development. CEO Joe Hinrichs told CNBC that 37 new plants have opened along CSX's rail network in 2024 alone, and the number of ongoing projects with companies has risen from 500 to 600. A freight train moving through a rural landscape, its engine and numerous rail cars carrying the company's cargo. CSX Corporation. (NASDAQ:CSX) helps manufacturers build rail-served facilities across its East Coast footprint, benefiting directly from the reshoring wave sparked by Washington's push for domestic production. However, macroeconomic and environmental headwinds persist. Tariffs on Chinese goods, although affecting less than 10% of CSX's revenue, are disrupting freight patterns. The company heavily relies on traffic from West Coast ports that traverse inland to key hubs like Chicago and Memphis, making global trade shifts a material risk. Hinrichs also cited continued operational strain from Hurricane Helene, which wiped out a quarter of CSX's north-south network. Reconstruction is ongoing, with full recovery expected by Q4. Despite these challenges, Hinrichs remains bullish. The shift toward U.S.-based production is translating into tangible infrastructure wins for CSX Corporation. (NASDAQ:CSX), positioning the company to capitalize on a long-term industrial resurgence. Analysts are closely watching CSX's recovery timeline and exposure to geopolitical trade risks as potential earnings catalysts or setbacks. While we acknowledge the potential of CSX to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than CSX and that has 100x upside potential, check out our report about this READ NEXT: and Disclosure: None. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
22-05-2025
- Business
- Yahoo
CSX Corporation. (CSX) Sees Growth as 600+ New Projects Ride Domestic Manufacturing Wave
As U.S. manufacturing ramps up under new government incentives, CSX Corporation. (NASDAQ:CSX) is seeing a surge in industrial development. CEO Joe Hinrichs told CNBC that 37 new plants have opened along CSX's rail network in 2024 alone, and the number of ongoing projects with companies has risen from 500 to 600. A freight train moving through a rural landscape, its engine and numerous rail cars carrying the company's cargo. CSX Corporation. (NASDAQ:CSX) helps manufacturers build rail-served facilities across its East Coast footprint, benefiting directly from the reshoring wave sparked by Washington's push for domestic production. However, macroeconomic and environmental headwinds persist. Tariffs on Chinese goods, although affecting less than 10% of CSX's revenue, are disrupting freight patterns. The company heavily relies on traffic from West Coast ports that traverse inland to key hubs like Chicago and Memphis, making global trade shifts a material risk. Hinrichs also cited continued operational strain from Hurricane Helene, which wiped out a quarter of CSX's north-south network. Reconstruction is ongoing, with full recovery expected by Q4. Despite these challenges, Hinrichs remains bullish. The shift toward U.S.-based production is translating into tangible infrastructure wins for CSX Corporation. (NASDAQ:CSX), positioning the company to capitalize on a long-term industrial resurgence. Analysts are closely watching CSX's recovery timeline and exposure to geopolitical trade risks as potential earnings catalysts or setbacks. While we acknowledge the potential of CSX to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than CSX and that has 100x upside potential, check out our report about this READ NEXT: and Disclosure: None. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
