UBS Evidence Lab found that 76% of US companies with factories in China were considering moving their operations to other countries in 2020 (Morningstar Inc).
In 2020, Japanese Prime Minister Shinzo Abe rolled out measures to encourage manufacturing within Japan and other South-East Asian countries (newsable.asianetnews.com) – over 1700 Japanese investment firms and manufacturers pulled out of China that year. Amongst the 87 firms that benefitted from the 243.5 billion yen program was Sharp, majority owned by Taiwan’s Foxconn.
But the real impetus has come from the much – maligned (for other reasons) Trump Administration and its China tariffs. Check out more details regarding the effect on individual brands on our site.