The Fall of the US Manufacturing Crown

Share of Global Manufacturing Output Across Major Industrial Powers (1980–2026)

In 1980, the United States was the world’s undisputed manufacturing superpower. Accounting for 28.6% of global industrial value added, American factories produced nearly three in every ten manufactured goods on Earth. China, by contrast, accounted for a mere 2.4%. Over the subsequent 40 years, one of the most dramatic economic realignments in history unfolded: Following China’s 2001 WTO accession, capital and global value chains migrated en masse to East Asia. In 2010, China officially passed the United States to become the world’s #1 manufacturing country, ending over a century of American industrial leadership. By 2026, China’s share of world manufacturing output reached 31.6%—double the U.S. share of 15.8%. Today, China manufactures more goods annually than the United States, Japan, and Germany combined. KEY METRICS & HIGHLIGHTS: • 1980 US Share: 28.6% (Undisputed World #1 industrial leader) • 2010 Crossover Point: China surpasses US (19.8% vs 17.2%) • Current China Share (2026): 31.6% (Produces 2x more manufacturing output than US) • US Share Retraction (1980–2026): -12.8 Percentage Points (Halved global share)

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US manufacturing productivity rises 1.9% in Q2 2026

US manufacturing sector labour productivity increased 1.9 per cent in the second quarter (Q2) of 2026, as output rose 4.6 per cent and hours worked increased 2.6 per cent, preliminary data from the US Bureau of Labor Statistics (BLS) showed.

US manufacturing labour productivity increased 1.9 per cent in Q2 2026, as output rose 4.6 per cent and hours worked increased 2.6 per cent, according to BLS data.
Durable manufacturing productivity gained 2.7 per cent, while nondurable manufacturing rose 2 per cent.
Manufacturing unit labour costs were unchanged quarter on quarter but increased 3.5 per cent YoY.

In the broader nonfarm business sector, labour productivity increased 1.4 per cent in Q2, with output up 1.7 per cent and hours worked up 0.3 per cent. From the same quarter a year earlier, nonfarm business sector labour productivity increased 2.2 per cent.

Unit labour costs in the nonfarm business sector increased 1.3 per cent in Q2, reflecting a 2.7 per cent rise in hourly compensation and a 1.4 per cent gain in productivity. Over the last four quarters, nonfarm business unit labour costs increased 1.4 per cent, BLS said in a press release.

Real hourly compensation, which accounts for consumer prices, decreased 3.1 per cent in Q2 and fell 0.1 per cent over the last four quarters.

Within manufacturing, durable manufacturing productivity increased 2.7 per cent in Q2, as output grew 7.3 per cent and hours worked rose 4.5 per cent. Nondurable manufacturing productivity increased 2.0 per cent, with output up 1.5 per cent and hours worked down 0.5 per cent.

Total manufacturing productivity increased 0.9 per cent from the same quarter a year earlier. Durable goods manufacturing productivity rose 2.2 per cent over the last four quarters, while productivity in nondurable goods industries declined 0.3 per cent.

Unit labour costs in total manufacturing were unchanged in Q2, as a 1.9 per cent increase in hourly compensation was offset by a 1.9 per cent increase in productivity. Manufacturing unit labour costs increased 3.5 per cent from the same quarter a year earlier.

Manufacturing sector labour productivity has grown at an annualised rate of 0.5 per cent during the current business cycle, from Q4 2019 through Q2 2026. This was above the 0.1 per cent rate recorded in the previous business cycle but below the long-term rate of 2.1 per cent since Q1 1987.

Meanwhile, nonfarm business labour productivity has grown at an annualised rate of 2.1 per cent during the current business cycle, matching its long-term rate since Q1 1947.

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3 U.S. Manufacturing Stocks Investors Are Watching After New China Forced Labor Tariffs

Fresh US tariffs tied to alleged forced labor in China are reshaping global supply chains and putting a spotlight on companies that make more at home. This creates potential openings and risks as money shifts toward U.S. based manufacturing strength. This article walks through three U.S. domestic manufacturing screener stocks that are closely exposed to this news and explains what the headlines could mean for your watchlist today.

The three stocks in focus below are just a starting sample, and the full U.S. domestic manufacturing screen surfaced 44 more companies with equally compelling onshoring and reshoring narratives that are not covered in this article. If you want to identify and analyze potential high conviction ideas at your own pace, head straight into the U.S. Domestic Manufacturing (Onshoring/Reshoring) screener.

Atkore is a US based manufacturer of electrical conduit, cable management and safety products that sit inside the walls, ceilings and perimeters of factories, data centers and other critical infrastructure. The Electrical segment is the core of the business, generating about US$2.1b of revenue, while Safety & Infrastructure adds around US$836 million. Atkore has a market cap of roughly US$3.2b.

Atkore sits at the center of the onshoring story because many of its conduits, cable trays and support systems are made domestically and are essential for new and expanded US plants. The latest US tariffs on Chinese suppliers reduce import competition and align with management commentary that tariffs on steel, PVC and copper products tend to be a tailwind for the company. However, higher input costs and price pressure on PVC conduit remain real risks. When you add in the planned all cash acquisition by Prysmian at US$95 per share, ongoing tariff policy changes and a history of earnings volatility, you have a business that could benefit from supply chain shifts but still asks investors to think carefully about pricing power, project timing and how much of the U.S. manufacturing uptrend is already reflected in expectations.

Atkore’s tariff tailwinds and onshoring exposure could be masking a very different risk reward picture under the surface. Before the Prysmian deal closes, read the 2 key rewards and 2 important warning signs

ATKR Discounted Cash Flow as at Aug 2026

Build your own onshoring shortlist around Atkore

Atkore and the two other stocks in this article all came from a single screener, but the real value comes from setting your own filters. Use our flexible Screener to mix metrics like valuation, growth and balance sheet strength, or lean on our curated Investing Ideas if you prefer ready made shortlists.

Comfort Systems USA is a Houston based contractor that designs, installs and maintains heating, cooling, electrical and plumbing systems for commercial, industrial and institutional buildings across the United States. The company generates the bulk of its revenue from Mechanical Services at about US$8.0b, with Electrical Services contributing roughly US$3.2b. Comfort Systems USA has a market cap of around US$60.2b.

Comfort Systems USA sits in the slipstream of reshoring and AI infrastructure spending, wiring and plumbing the data centers, fabs and hospitals that global supply chains now depend on. A record project backlog, a growing modular construction footprint and rising service revenue give the company more visibility and pricing power. At the same time, tariff driven material cost swings and dependence on large tech related projects keep execution risk front and center. With management openly discussing how scale, contract structures and early material purchasing help them handle supply chain shocks, investors weighing this stock have more to consider than just headline growth numbers.

Comfort Systems USA looks like a simple contractor; however, accelerating orders and modular projects hint at something bigger in reshoring and AI buildouts. Get the full story in the analysis report for Comfort Systems USA

NYSE:FIX Earnings & Revenue Growth as at Aug 2026

JBT Marel is a Chicago based food and beverage equipment company that supplies automated processing, packaging and material handling systems used in everything from poultry and meat plants to ready meals, dairy and pet food facilities worldwide. It also sells automated guided vehicle systems for warehouses, auto plants and hospitals. JBT Marel has a market cap of about US$6.3b.

JBT Marel gives you exposure to two themes at once: automation in food production, and the push to bring more high value equipment manufacturing closer to U.S. customers. Management is already discussing tariff headwinds of around US$10 million to US$15 million per quarter and an annualized cost impact of roughly US$50 million to US$60 million. At the same time, the company is working to shift sourcing and some production to the U.S. and other regions to offset those costs. Along with merger synergies, growing aftermarket and software revenue, and a board that has reaffirmed 2026 guidance despite tariff developments, this creates a situation where the potential benefits are identifiable while the tariff, integration and debt risks still require careful analysis.

JBT Marel is reshaping food automation just as tariffs bite and sourcing shifts closer to U.S. customers. See how the tariff bill, merger plans and debt profile really stack up in the analysis report for JBT Marel

NYSE:JBTM Earnings & Revenue Growth as at Aug 2026

Seeking Alternatives Before The Crowd Moves

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This article by Simply Wall St is general in nature. We provide commentary based on historical data
and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your
financial situation. We aim to bring you long-term focused analysis driven by fundamental data.
Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.
Simply Wall St has no position in any stocks mentioned.

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SBA Announces First-Ever Critical Suppliers Prize Competition to Strengthen U.S. Manufacturing and Supply Chains – The Gilmer Mirror

WASHINGTON — Today, the U.S. Small Business Administration announced its first-ever Critical Suppliers Prize Competition, a national contest to strengthen U.S. manufacturing and critical industry supply chains by expanding capacity at key chokepoints. The competition will award up to $20 million in non‑dilutive capital, including as many as six prizes with a maximum of $6 million each, to small businesses that demonstrate the capacity to rapidly scale domestic production through measurable, enduring supply chain solutions.

“For decades, bad policy hollowed out America’s industrial base and shifted our reliance toward foreign producers and fragile overseas supply chains. Thanks to President Trump, those days are over,” said Administrator Kelly Loeffler. “The Critical Suppliers Prize Competition will unleash promising solutions to supply‑chain vulnerabilities, bring capacity and jobs back home, and rebuild strategic sectors like advanced materials, metals, and energy production. By backing innovators to deliver at scale, the Trump SBA is targeting the critical industries that will anchor America’s economic strength and national security for decades to come.”

“I urge manufacturers and critical suppliers throughout the region to seize this exciting opportunity and submit proposals for the Critical Suppliers Prize Competition,” said Regional Administrator Steven Snow, who oversees SBA operations in California, Arizona, Nevada, Hawaii, Texas, New Mexico, and Oklahoma. “Our region is home to industrial powerhouses of every size—from innovative small businesses to established manufacturers—supporting semiconductors, medical devices, precision metals, and more. Together, these job creators employ millions of Americans, strengthen our critical supply chains, and prove that American ingenuity and American-made products can compete and win anywhere in the world. This competition is a chance to expand that capacity, bring production home, and build a stronger, more secure industrial future for our country.”

Contestants must have an aligned business strategy that provides tangible deliverables on one of the following critical industry supply chain priorities:

• Advanced Metals Manufacturing, including rapid tooling, precision casting and forging, heat treated components, strategic and critical minerals, and rare earth element recovery and magnet production.
• Advanced Materials Manufacturing, including large format additive manufacturing and materials transformation.
• Energy Systems, Energetics and Components, including nuclear energy, battery energy storage systems and standardization efforts.

Eligible competition contestants must meet the following criteria:

• Private entities or teams that meet SBA’s definition of a small business.
• Individuals submitting responses to this opportunity, including individuals representing organizations partnering with the small business applicant, must be U.S. citizens or lawful permanent residents who are at least 18 years of age at the time of their submission of an entry.
• An individual cannot belong to more than one entry in this competition.
• Contestants must be current and in good standing on any federal obligations.
• Contestants must be in good standing in the jurisdiction of their state of organization.
• Contestants must be an entity organized in and maintaining a primary place of business in the U.S. and/or its territories.
• Contestants must be profitable and demonstrate creditworthiness.
• Contestants must demonstrate the ability to deploy funds rapidly (within six months) and demonstrate the ability to achieve measurable increases in production or ability to implement a solution to support efficiencies in production to deliver near-term supply chain impact.
• All members of the senior management team of a contestant must be U.S. citizens or permanent residents of the U.S. and over the age of 18.

The SBA has committed to rebuilding American supply chains and domestic manufacturing through a series of targeted initiatives. This year, the agency waived loan fees for manufacturing NAICS codes, established the first-ever loan program dedicated to American manufacturers, and modernized the Small Business Investment Company (SBIC) program so more private capital flows into critical, supply‑chain‑sensitive industries. The agency also announced a new 90% Made in America Loan Guarantee for small manufacturers and continues to promote existing programs such as the asset-based 7(a) Working Capital Pilot (WCP) Program. Through its ongoing Supplier Matchmaking Expo series and its Make Onshoring Great Again Portal, the agency has also played an active role in helping large companies source small suppliers to onshore supply chains across industries.

Contestants must submit proposals electronically to investinnovate@sba.gov. Proposals may be in the form of a company pitch deck. More information can be found at https://www.sba.gov/about-sba/priorities/sba-initiatives/critical-suppliers-prize-competition/. The deadline for submission is Aug. 21 by 11:59 p.m. ET.

About the U.S. Small Business Administration

The U.S. Small Business Administration helps power the American dream of entrepreneurship. As the leading voice for small businesses within the federal government, the SBA empowers job creators with the resources and support they need to start, grow, and expand their businesses or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.

About SBA Office of Investment and Innovation

The U.S. Small Business Administration (SBA) Office of Investment and Innovation (OII) leads programs to support U.S. growth-oriented small businesses and startups. These programs provide access to capital, assistance, and networks to support the success of innovation-driven small businesses. OII’s work is bolstered by public-private partnerships that drive small business growth from idea to impact. To learn more, visit https://www.sba.gov/about-sba/sba-locations/headquarters-offices/office-investment-innovation.

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American Rheinmetall expands U.S. Tier 1 manufacturing network supporting missile structures and major military modernization programs

American Rheinmetall is positioning its U.S. Tier 1 manufacturing network to support rising demand for precision components used in critical defense systems. The company highlighted missile body structures as one area where its domestic facilities provide advanced metal forming, machining and finishing capabilities.

The missile structures require tight manufacturing tolerances and must withstand demanding operational environments, according to the company. American Rheinmetall said its manufacturing teams are delivering at the speed and volume required by the U.S. Department of War.

The manufacturing network forms part of a broader U.S. industrial operation spanning six facilities in Michigan, Ohio and Maine. American Rheinmetall operates more than 1.7 million square feet of manufacturing space and employs more than 1,500 people.

The workforce supports fabrication, machining, assembly and welding activities for defense and commercial customers. The company said its facilities also retain significant capacity for future expansion.

Headquartered in Auburn Hills, Michigan, American Rheinmetall designs, develops and produces tracked and wheeled military vehicles and components. It operates as both a full-service original equipment manufacturer and a Tier 1 supplier to the U.S. defense sector.

Its portfolio includes vehicle systems, mechanical systems, ground-vehicle electronics, ISR platforms and soldier lethality technologies. The company also supplies short-range air defense solutions, fabricated structures, armored products, rubber products and track systems.

American Rheinmetall’s U.S. industrial footprint expanded significantly after Rheinmetall AG acquired Loc Performance Products in late 2024. The Michigan and Ohio-based business supplied track and mechanical systems, fabricated structures and precision-machined components to defense, industrial and commercial customers.

Loc Performance Products now operates under the American Rheinmetall name, with its legacy products and capabilities incorporated into the wider business. Rheinmetall said the acquisition would directly support the growth of its U.S. military vehicle operations.

American Rheinmetall Systems also began operating under the unified American Rheinmetall name in 2025. The Biddeford, Maine-based operation focuses on next-generation lethality, fire control, vision systems and short-range air defense technologies.

The company said the unified structure is intended to streamline operations and improve collaboration across its U.S. businesses. American Rheinmetall continues to supply the U.S. government, major defense prime contractors and customers in several commercial industries.

Its U.S. strategy combines domestic manufacturing capacity with access to Rheinmetall’s wider vehicle and electronics portfolios. American Rheinmetall said that approach allows it to adapt and integrate established platforms for specific U.S. military requirements.

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Survey Shows U.S. Manufacturing Activity Reaches More Than Four-Y…

Reports related to this article:

Written by Danny Levin, Deputy Editor for IIR News Intelligence (Sugar Land, Texas)

Summary

The Institute of Supply Management’s (ISM) Purchasing Managers Index showed economic activity in U.S. manufacturing reached its highest level since May 2022. Industrial Info Resources’ project data shows strong spending in the U.S. Industrial Manufacturing Industry.

U.S. Manufacturing Activity Rolls On

The Institute of Supply Management’s (ISM) Purchasing Managers Index showed economic activity in U.S. manufacturing reached its highest level since May 2022, with demand indicators showing faster growth. Strong spending in the U.S. Industrial Manufacturing Industry is reflected in Industrial Info Resources’ project data.

The PMI, which tracks 18 manufacturing sectors in the U.S., registered 55.6% in July, up from 53.3% in June–indicating faster growth month-over-month. Any reading over 50% indicates expansion in the manufacturing economy. July also marks the seventh month in a row of expansion.

According to Industrial Info Resources data, there is $687 billion worth of projects under construction in the U.S. Industrial Manufacturing Industry; more than half of the investment is attributed to data centers and semiconductors. The Global Market Intelligence (GMI) Project Database offers a full list of projects.

Any reading under 50% indicates contraction in the manufacturing economy.

“We have a really strong report this month,” Susan Spence, chair of ISM’s Manufacturing Business Survey Committee, said during a news media call.

Three of the four demand indicators–the New Orders, Backlog of Orders and New Export Orders indexes–expanded in July. The New Orders Index expanded for the seventh consecutive month, up 0.7% from June.

In terms of output, July’s Production Index jumped 6.3% month-over-month and reached its highest level since November 2021.

In a press release accompanying the survey, Spence said 38% of respondents’ comments were positive while 62% were negative, with a 1:1.6 ratio of positive to negative sentiment.

In the call, she acknowledged that “the continued Iran war and remaining price volatility” are still risk factors for manufacturing operations. Survey respondents echoed that sentiment.

Pricing volatility was mentioned in 57% of the negative comments, the Iran war 43%, increasing lead times 22% and tariffs 18%.

Mixed Feelings

Although July’s Prices Index, an indicator of input and raw materials costs, continues to show elevated price pressures, the reading of 71.1% lessened from June’s 73%.

The elevated index continues to be driven by increases in steel and aluminum prices impacting the entire value chain; tariffs applied to many imported goods; and increases in petroleum-based products as a result of the recent Middle East conflict.

“Demand is up, and prices are up as a result,” Spence said. She added that although the list of shortages “is pretty significant” and “certainly could get worse” depending on geopolitical factors, currently “orders are flowing.”

The PMI considers shortage items to be specific commodities, raw materials, components, or labor services that are reported to be in short supply or difficult to source.

“Overall, we’re definitely optimistic,” she said.

A Transportation Equipment survey respondent said, “Continued tariffs on products utilized in our product lines are being monitored by the business, which is working to mitigate or limit tariff risk. Geopolitical risk, especially in the Middle East, pertaining to commodity and energy markets remains a concern. There has been some increased cost and transit time for rerouted shipments due to conflicts in the Red Sea, Strait of Hormuz and Suez Canal.”

On a positive note, one respondent from Computer & Electric Products said a favorable demand environment is driven by growth in the semiconductor, artificial intelligence (AI), advanced packaging and high-performance computing (HPC) markets. “Recent company reports indicate strong sales growth and continued investment in manufacturing capacity.”

The ISM considers semiconductors and data-center components to be part of the sector.

Strong U.S. Manufacturing Capex

IIR data show data centers account for about 46% of the total investment value of U.S. Industrial Manufacturing Industry projects under construction.

AI cloud infrastructure provider Fluidstack is building out a multi-billion-dollar grassroot data enter in Abernathy, Texas, north of Lubbock. The facility is expected to feature 168 megawatts (MW) of critical load capacity, in order to provide expanded high-performance computing (HPC) support in the region.

Also in Texas, the first building of Google’s planned six-building data center campus in Oklaunion, near the Oklahoma border, kicked off in March. Construction is expected to wrap up next year.

Readers can view the two project reports.

IIR’s North American Construction Starts Index also shows strong capital spending: The monthly index for the U.S. Industrial Manufacturing industry in June (the latest available data) indicated 1,719 construction starts, with a project value of $209 billion–up from 1,604 projects worth $160 billion year over year.

Key Takeaways

• The ISM’s PMI survey shows U.S. manufacturing activity in June reached its highest level since May 2022.
• Three of four demand indicators–including new orders–are growing at a faster rate.
• The Iran war and tariffs still are driving ongoing price pressures for manufacturers.
• $687 billion: value of projects under construction in the U.S. Industrial Manufacturing Industry. About half is attributed to data centers.



About Industrial Info Resources

Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR’s Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, Industrial Info Resources is tracking over 250,000 current and future projects worth $30.2 trillion (USD).

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Logo Brands Expands U.S. Manufacturing Capabilities with Acquisition of Brass Reminders | National

Strategic acquisition expands manufacturing in Spring Hill, Tennessee, while continuing production at Brass Reminders’ existing Mexico facility, broadens specialty retail distribution, and creates new opportunities for customers across North America.

FRANKLIN, TN / ACCESS Newswire / August 6, 2026 / Logo Brands, a leading designer, manufacturer, and distributor of licensed sports and lifestyle products, announced the acquisition of Brass Reminders, a respected manufacturer of premium decals and magnets serving the specialty retail and destination markets.

The acquisition represents another strategic step in Logo Brands’ long-term commitment to expanding its domestic manufacturing capabilities while strengthening its position in the specialty name-drop industry. By combining the strengths of both organizations, Logo Brands will further enhance its North American manufacturing network, enabling the company to offer retailers a broader assortment of high-quality products while increasing U.S. production capacity.

For years, Brass Reminders has earned the trust of its customers by producing premium decals and magnets backed by exceptional service and quality. Logo Brands was drawn not only to the company’s manufacturing expertise but also to its loyal customer relationships. The acquisition creates an opportunity to provide those customers with a more complete assortment of coordinated hard goods while continuing to deliver the premium decal and magnet products they have come to expect.

“At Logo Brands, we are focused on expanding our vertical domestic manufacturing capabilities and increasing our capacity to build more of our products here in the United States,” said Matt McCauley, CEO of Logo Brands. “Brass Reminders allows us to do exactly that while also introducing Logo Brands to new retail customers. Together, we can offer a more complete collection of products with the same marks and designs, creating greater value for our customers, and increasing opportunities for growth.”

Brass Reminders previously operated production facilities in Kentucky and Mexico. As part of the integration, Logo Brands will move the Kentucky manufacturing operation to its manufacturing and distribution facility in Spring Hill, Tennessee, further expanding the company’s U.S. production capabilities and creating greater operational efficiencies. The Mexico production facility will remain in operation for strategic manufacturing purposes, providing additional production capacity, supply chain flexibility, and uninterrupted service for customers across North America.

The acquisition strengthens Logo Brands’ manufacturing footprint and reinforces the company’s commitment to investing in domestic production, operational excellence, and long-term partnerships with retailers across North America.

Together, Logo Brands and Brass Reminders are well positioned to deliver expanded product offerings, enhanced manufacturing capabilities, and continued innovation while maintaining the quality and customer service both companies are known for.Media Contacts:Rachel Schmucker, Matt McCauley,SOURCE: Logo Brands

Copyright 2026 ACCESS Newswire. All Rights Reserved.

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The Trump Administration’s Promises of a US Manufacturing Revival Fell Flat, First-Half Data Shows

Despite claiming that his preeminent trade policy would shrink America’s export gap with the rest of the world, President Donald Trump’s tariffs haven’t managed to rebalance trade or prompt a reshoring renaissance.

In fact, an analysis of first-half 2026 trade and manufacturing data conducted by Rethink Trade, a program under the American Economic Liberties Project, revealed that the U.S. manufactured goods trade deficit is 5 percent wider than before the president took office for a second term.

While Trump campaigned on a promise that tariffs on foreign imports would drive more purchases of American-made goods, the truth has been much more complicated.

Since taking the oath of office in January 2025, the U.S. has shed 75,000 manufacturing jobs, and there’s been little evidence to show that companies are laying the foundation for a comeback, as construction spending on manufacturing facilities also declined by 30 percent during that period.

According to data from the U.S. Census Bureau, the manufactured goods trade deficit amounted to $785 billion in the first half of 2026—15 percent smaller than the first half of 2025, but higher than the first six months of 2024, as well as the first-half deficits seen from 2015 to 2021.

Rethink Trade director Lori Wallach cautioned against viewing the first-half 2025-to-2026 contraction in the deficit as an all-out win, given that there were special circumstances that precipitated it. Importers were rushing to get inventory into the country during the first three months of the year before Trump’s tariffs took effect—but after that period, the overall U.S. manufactured goods trade deficit jumped by $63 billion in 2025 compared to the previous year, she said.

In looking at the goods trade deficit, which contracted to $545 billion in the first half of 2026 (compared to $750 billion in the first half of 2025 and $603 billion in the first half of 2024), there are also telling signs that the apparent wins may not be what they seem.

For one: most of the gains stemming from goods exports weren’t related to manufacturing output—they were driven by commodities: gold, silver, oil and gas, as well as aircrafts. When it comes to the metals, a large share are re-exports of products that weren’t mined in the U.S., and that’s a sign that the flows are driven more by capital movements than bona fide goods trade.

Wallach put it succinctly. “The whole global economy is a little bit unstable because he”—Trump—”changes his mind every 30 seconds and started a war with Iran. And so you know what do people do? They rush to silver and gold. And so, we’re selling basically the economic security blanket metals as bulk ores (that there’s new demand for because Trump has destabilized the global economy), and then we’re selling oil and gas because the Iran War has basically undermined other supply chains of those things,” she said.

“Trump has caused temporary disruption, and so we’re getting a temporary boom related to this behavior that is also causing major downsides,” she added. “The promised renaissance is not happening because you would not have a net decline in manufacturing jobs since Trump returned to office. You would not have a manufacturing trade deficit that is higher than it was before he was inaugurated for the second term.”

In Wallach’s estimation, using tariffs to prompt reshoring would take a much more nuanced and comprehensive approach than the one the Trump administration has employed thus far. Tariffs should have been a single building block propping up the president’s trade and economic strategy, not the entire structure.

In addition to applying tariffs more surgically, Wallach said the administration should have helped build demand for American-made products through policies—tax incentives for consumers who purchase domestically made goods, for example, and requirements for domestic procurement by the federal government.

On the investment side, she said, the government should have offered subsidies for companies hoping to reshore, “because as well as creating demand for the goods and protecting the sectors not to be surged to death once you are getting the demand, you also need to basically incentivize the investment.”

Wallach pointed to the end of the Inflation Reduction Act subsidies put in place by President Joe Biden as a possible factor in the decline in factory construction. “The most recent peak in the past 15 years of manufacturing employment was the first quarter of 2023, and that is when all of that money was flowing,” she said.

Biden used tariffs in conjunction with subsidies, she added, pointing to duties on China for electric vehicles and heightened tariffs on solar products. The combination of strategically applied tariffs on specific industries and the subsidies and tax breaks for American makers “was working together hand in glove,” she said.

The way the current administration is leveraging tariffs, by contrast, amounts to throwing down a few puzzle pieces and hoping to build a full picture of a robust trade economy. According to Wallach’s research, the new data underscores “what public opinion polls are already capturing.”

“We have a growing gap between the economy Trump promised and the damage his tariff malpractice is causing.” she said.

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Enphase Energy Expands U.S. Manufacturing for Solar, Battery and AI Data Center Power Electronics

Enphase Energy has reaffirmed its commitment to designing and manufacturing critical power electronics in the United States, expanding domestic production across residential and commercial solar, battery energy storage systems (BESS), and next-generation power infrastructure for artificial intelligence (AI) data centers.

The company said it currently manufactures its IQ® Microinverters and IQ® Batteries at facilities in South Carolina and Texas, and plans to manufacture its upcoming IQ® Solid-State Transformer (IQ® SST) platform for AI data centers in the United States.

According to Enphase, the move supports U.S. energy security, strengthens domestic supply chains, and addresses the increasing importance of secure power electronics as electricity demand rises from electrification and the rapid growth of AI data centers.

The company noted that its U.S.-manufactured IQ Microinverters and IQ Batteries, identified with a “DOM” suffix, can help eligible solar and storage projects meet domestic sourcing requirements and qualify for U.S. domestic content tax incentives. Select products also comply with Buy American Act and Build America, Buy America requirements, while certain products may qualify as Foreign Entity of Concern (FEOC)-compliant for rooftop solar and distributed battery energy storage applications.

Enphase also plans to manufacture the power electronics for its forthcoming IQ® Bidirectional EV Charger in the United States, further expanding its domestic clean energy product portfolio.

The company’s upcoming IQ SST platform is designed for AI data centers and other high-power applications. Based on gallium nitride (GaN) technology, the platform will convert medium-voltage alternating current (AC) directly into 800 V direct current (DC) required by modern AI computing infrastructure through a modular architecture featuring distributed control, software intelligence, and built-in redundancy.

Enphase estimates that a 1 GW AI data center would require approximately 250,000 IQ SST power modules, excluding redundancy, while 10 GW of deployments could require around 2.5 million modules, highlighting the significant scale of future demand.

The company said its manufacturing experience provides a strong foundation for scaling the platform, having shipped approximately 89.4 million microinverters globally, including 5.5 million units manufactured in the United States during 2025.

While expanding U.S. manufacturing capabilities, Enphase emphasized that it remains committed to serving international markets, including Europe, Australia, India, and other regions, where it will continue developing products tailored to local grid requirements, regulations, and customer needs.

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U.S. manufacturing expands at fastest pace in over 4 years amid foreign investment surge

WASHINGTON — U.S. manufacturing activity expanded in July at its strongest pace in more than four years, marking a seventh consecutive month of growth, as foreign companies announced billions of dollars in new American investments that are expected to create thousands of jobs, according to data cited by the White House.

The Institute for Supply Management’s Manufacturing Purchasing Managers’ Index showed the sector expanding in July, according to the White House, which said the figure reversed a pattern of contraction during the previous administration outside a brief post-pandemic period. New export orders also returned to expansion territory, the White House said in a statement.

“U.S. manufacturing is booming, expanding at the fastest pace since 2022 and beating expectations in many metrics for the month of July,” Bloomberg’s Lisa Abramowicz posted on X. An economist cited in the same report noted that the ISM production index rose by the most for any July since 1951.

US manufacturing is booming, expanding at the fastest pace since 2022 and beating expectations in many metrics for the month of July. Omar Sharif of Inflation Insights points out that the ISM production index rose by the most for any July since 1951. https://t.co/SiVnhJghQA pic.twitter.com/I1tbaOyiJi

— Lisa Abramowicz (@lisaabramowicz1) August 3, 2026

Manufacturing wages rose 4.2% year over year, outpacing inflation, the White House said. The Federal Reserve Bank of Philadelphia’s latest survey showed general activity and new orders near five-year highs.

The White House credited President Donald Trump’s Working Families Tax Cuts and America First trade policies for the turnaround. The administration said the tax cuts have supported 6 million American jobs, protected $540 billion in worker wages and preserved $1.1 trillion in U.S. economic activity.

Factory construction has added 83,000 jobs since Trump took office, and more than 18,000 manufacturing jobs have been created in 2026 alone, reversing earlier declines, according to the White House.

Broader economic indicators also pointed upward. The Atlanta Fed’s GDPNow model projected 6.2% annualized growth in the third quarter. Nonresidential fixed investment rose 11.7% in the prior quarter, the fastest pace since 2023. Orders for business equipment were on track for an all-time high in 2026, and capital goods imports exceeded 40% of all U.S. goods imports, a record share as factories expand and retool, the White House said.

Foreign investment announcements this year underscore the trend. The White House highlighted several recent investment announcements, including Switzerland-based Octapharma, which said this week it will invest $1.5 billion to build its first U.S. production facility in South Carolina, creating 1,500 jobs.

Other recent commitments include:

• Novartis: $23 billion across 10 U.S. manufacturing and research facilities, creating 4,000 jobs.
• Roche: $50 billion in U.S. manufacturing and R&D, creating more than 12,000 jobs.
• UCB: $2 billion for its first U.S. biologics plant in Georgia, creating more than 800 jobs.
• Toyota: $3.6 billion to expand truck production in San Antonio, creating 2,000 jobs.
• TSMC: $265 billion in U.S. semiconductor manufacturing, expected to create tens of thousands of jobs.
• Wistron, in partnership with NVIDIA: $700 million for AI-related manufacturing in Texas, creating up to 1,000 jobs.
• Siemens: $165 million to expand U.S. manufacturing, creating more than 350 jobs.
• Zerluma: $50 million for an aluminum recycling plant, creating 70 jobs.

The White House said the administration will continue policies aimed at reshoring manufacturing, strengthening domestic supply chains and prioritizing American workers.

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