The U.S. economy is under immense pressure. Americans are experiencing inflated prices and a volatile stock market, which means an uncertain retirement plan and an uneven job market. Manufacturers are struggling amid disrupted global supply chains, intellectual property theft, and unfair trade practices. The record-breaking plunge in the stock market in early August offers evidence that despite some topline positives, the possibility of a looming recession is fueling fear and doubt among American companies, investors, and consumers.
The COVID-19 pandemic proved that a strong domestic manufacturing base is key to maintaining a stable economy and robust national security. When worried Americans, including our essential healthcare providers, needed gloves, ventilators, masks, and other forms of personal protective gear, China reduced exports and increased prices on them and leveraged its industrial capacity against us even when Americans were in dire need.
