U.S. President elect Donald Trump has announced that Dow Chemical CEO Andrew Liveris will take over the American Manufacturing Council in his administration. Trump made this news while speaking to a crowd earlier this month at Grand Rapids, Michigan, saying it’s part of his overall message to “buy American and hire American.” So, how will this affect the U.S. manufacturing industry as a whole?
In case this is your first time hearing about it, the American Manufacturing Council is a private organization that offers advise to the Secretary of Commerce regarding the manufacturing industry. This makes it a vital component in the industry, as it directly influences the state of the country’s manufacturing and where it’s headed.
Many analysts say Trump’s pick is the right one. Liveris has been described as genius businessman, and Trump says he will be focused on finding new ways to bring the industry back to the U.S. Of course, manufacturing never left the U.S. Rather, many manufacturing companies have been shifting their production overseas to cut costs on labor and materials. When jobs move overseas, however, it ultimately hurts our nation’s economy in the process. Tens of thousands of jobs have been shipped overseas, leaving many Americans without jobs. Perhaps the appointment of Andrew Liveris as the new leader for the American Manufacturing Council will signal a new shift in this trend, with companies “reshoring” jobs back here in the U.S.
The manufacturing industry has experienced strong growth in recent years. While it struggled to remain in the “green” zone last year, it has since turned back around. This is good news considering just how important the industry is to the U.S. economy. The U.S. is the world’s second largest manufacturing by output, producing more than $1,696.7 billion worth of goods. In 2008, manufacturing output was greater than both China and India combined, even though it’s only a small portion of the U.S. economy. And according to Wikipedia, if the top 500 manufacturing firms were their own country, they would yield the world’s third largest economy.
In an effort to keep the U.S. manufacturing industry healthy, Trump has announced a new leader for the American Manufacturing Council. Liveris will provide key insights and advice to the Secretary of Commerce on how to build and growth the U.S. manufacturing industry.