Deglobalization was already happening before the coronavirus brought the world to a grinding halt. Global supply chains that were once so appealing were becoming less attractive due to geopolitical turmoil, shifting priorities, rising costs, trade wars and environmental concerns. Then the coronavirus outbreak delivered an unprecedented, systemic, paralyzing blow to our tightly linked global supply chains.
Our overdependence on imports became clear. As companies consider options for more resilient supply chains, they should consider reshoring. Reshoring shortens supply chains, reduces response time and overreliance on imports, and improves profitability.