According to a recent Gartner survey, 33 percent of supply chain leaders either already have moved their sourcing and manufacturing activities out of China, or plan to do so by 2023.
. An exit from China would follow growing consumer sentiment against buying products made in the country. As many as 47.8 percent of consumers to a June Coresight Research survey said they either agree or strongly agree that U.S. retailers should source fewer products from China.
In light of the pandemic and the sentiments that have emerged surrounding it, 39.7 percent said they are now less willing to buy products manufactured in the so-called “world’s factory.” It would be shortsighted to blame the pandemic alone for the pressures within the chain, especially given that the trade war between the U.S. and China has lingered for two-plus years.
The US will seek a broader reset of tariffs at the World Trade Organization (WTO), in which the U.S. will be working to raise its WTO tariff ceilings.