Manufacturing isn't returning to the US due to these tariffs.
Just like before the tariffs, the US is still too expensive.
On the other hand, it has killed cost-competitiveness for Chinese exports directly from China or via transshipment from Vietnam.
The tariff regime has now made Latin America (Brazil, Colombia), Turkiye, Philippines, parts of the EU (Poland, Czechia, Romania), and India cost competitive. And NAFTA/USMCA exemptions still remain and this was something Congress pushed back HARD on to ensure.
Just like before the tariffs, the US is still too expensive.
On the other hand, it has killed cost-competitiveness for Chinese exports directly from China or via transshipment from Vietnam.
The tariff regime has now made Latin America (Brazil, Colombia), Turkiye, Philippines, parts of the EU (Poland, Czechia, Romania), and India cost competitive. And NAFTA/USMCA exemptions still remain and this was something Congress pushed back HARD on to ensure.