Nomura: Implementation of Trump's tariffs for one year, minimal impact on the reshoring of American manufacturing industry.

Since the US President Trump declared the so-called "Independence Day" last year, the United States has imposed widespread tariffs on global trading partners for over a year. However, analysts at Morgan Stanley have found that Trump's goal of using trade to drive the reshoring of US manufacturing seems to not have been achieved - there are limited signs of manufacturers moving production back to the US, while the adjustment speed of overseas supply chains far exceeds the actual capacity expansion on US soil.