Nancy Lee

This is an interesting precedent that's being set: companies that went through the effort of shifting some of their production from China to India are deeply regretting it right now, as China ends up with lower tariffs than India. The NYT has a piece on a guy who did just that (nytimes.com/2025/11/02/bus…), just like thousands of other companies, and he "lament[s] the time he had spent on building up production in India. At least for the time being, he said, 'I’m not going to spend any more energy trying to get out of China.'" The piece also quotes Sean Stein, the president of the U.S.-China Business Council, who said that from what he's seeing on the ground companies don't want to relocate out of China anymore because of "the instability and unpredictability of where tariffs might land in other markets" and because there is simply no other place in the world with "the manufacturing ecosystem and cost efficiencies that you get in China." All in all, Trump is managing the rather ironic feat of convincing companies that China is actually the safe, stable choice.