Companies plan to continue shifting supply chains out of China under Biden or Trump, says PwC exec
Companies plan to continue shifting supply chains out of China under Biden or Trump, says PwC exec
Companies plan to continue shifting supply chains out of China, regardless of who wins the Nov. 3 presidential election, according to
Tim Ryan, the chair of PwC U.S.
The issue came into focus in response to President
Donald Trump’s trade war with China, but it only gained importance across corporate America due to the
coronavirus pandemic, Ryan said in a
“Closing Bell” interview, drawing on findings from a recent survey conducted by the powerhouse accounting firm.
“Covid really put a spotlight ... on supply chain risk, and one of the things that we’re seeing is supply chain derisking has moved all the way up to the boardroom level, as we see now concentrations in our supply chains that was maybe not evidenced before,” Ryan said.
The beneficiaries of exits from China, home to the world’s second-largest economy, are likely to be countries in Southeast Asia, Mexico and the United States, according to Ryan.