Reviving a manufacturing industry that has been in decline for over half a century is no small feat, and according to Warwick Powell, an adjunct professor at Queensland University of Technology, the United States' reliance on tariffs alone falls short of achieving this goal.
In a recent interview with CGTN's Guan Xin, Powell emphasized that simply imposing tariffs is an inadequate strategy for reindustrializing the US manufacturing sector. \"It is vain for the US to revive a manufacturing industry that has been hollowed out for more than 50 years simply by imposing tariffs,\" Powell stated.
The decline of manufacturing in the US has been a growing concern, with globalization and outsourcing playing significant roles. Powell's insights suggest that a more comprehensive approach, beyond just trade barriers, is necessary to rebuild and sustain the manufacturing base.
Industry experts agree that while tariffs can provide temporary relief to domestic manufacturers, long-term revival requires investment in innovation, workforce development, and infrastructure. Powell's perspective adds to the ongoing debate on the most effective strategies to bolster the US economy and ensure a resilient manufacturing sector.
Reference(s):
Vain hope to use tariffs to reindustrialize US: Australian academic
cgtn.com
