Editor’s Note: The following op-ed by John Boyd Jr., principal of the Boyd Co., appears on Industry Week and offers the perspective that Donald Trump’s tariffs are business-friendly.
The Trump administration’s easing of costly and onerous regulations is boosting companies’ interest in reshoring jobs to the U.S. At last count, some 22 regulations were repealed, cutting compliance costs to American companies by $8.1 billion—and fueled by the President’s mandate that federal agencies eliminate “at least” two regulations for every new one ordered.
The consulting clients my company works with in manufacturing are expressing a strong sense of optimism that is translating into pulling projects off the shelf that were in limbo during the past few years and moving forward with brick-and-mortar investments into new plants, equipment and factory upgrades.
While they have appreciated the tax cuts engineered by the new administration—and some showing their appreciation in the form of $1,000 to $2,000 bonus checks to their employees—the regulatory pullback has brought an even greater sense of economic confidence. Not only is deregulation saving companies’ money; executives are breathing easier knowing that fewer federal regulations are coming down the pike.
Washington’s new attitude of getting out of way and unleashing the might and ingenuity of American business is a sea-change from what corporate America experienced during the past eight years under President Barack Obama’s administration. It is going a long way toward fueling the reshoring movement.
In recent months, companies like Boeing and United Technologies, both clients of Boyd, Ford, General Motors, Caterpillar, AT&T, GE, Apple and others have brought some operations back to the U.S. In the last year alone, according to the Bureau of Labor Statistics, the U.S. manufacturing sector grew by 200,000 jobs (some from reshoring, some not), helping to create the lowest unemployment levels in US history. That is big stuff.
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