Part 3/9:
While China's manufacturing prowess remains significant, several factors have caused American businesses to seek alternatives. The ongoing trade war has resulted in potential tariffs reaching up to 60% on Chinese goods. This environment has prompted many manufacturers, including Chinese firms, to relocate their operations to Southeast Asian countries like Vietnam, where costs remain low and labor is abundant.
Considering the potential disruptions during trade conflicts, diversifying the supply chain—known as the China plus one strategy—is a prudent move. Here’s a closer look at three compelling countries for sourcing products.