Thread by @DistanceTimes

Here's what happened in #deglobalization this week (0/10):

Senator @ChrisCoons: "The intersection of the Chips and Science Act, the infrastructure bill, and the Inflation Reduction Act is driving a dramatic reshoring or onshoring of advanced manufacturing in the United States.” (1/10)
coons.senate.gov/news/press-rel…

.@LeviStraussCo CEO Chip Bergh pointed to the value of moving production close to the US: “The closer our supply chain is to the market, the more agile we can be and the more responsive we can be.”
(2/10)
yahoo.com/lifestyle/levi…

Heads of 7 major semiconductor makers met with the Japanese PM to discuss increasing manufacturing & tech partnerships in Japan – part of an effort to move the global chip supply chain away from China.
@TWSemicon @Samsung @intel @MicronTech
(3/10)
ft.com/content/5b36a5…

General Electric, General Motors, Boeing, and Nike are disclosing in financial filings that their China-linked supply chains pose business risks as geopolitical tensions and investor pressure grow.
(4/10)
news.bloomberglaw.com/esg/boeing-nik…

Ford plans to cut some 1,300 jobs in China as its sales decline in the country – squeezed by local, State-supported competitors. @Lindadalew (5/10) bloomberg.com/news/articles/…

From Bloomberg: “Wall Street’s hopes of windfall profits from [China’s] $60tn market are taking a hit due to geopolitics and a souring business climate." Cites to Goldman, JPMorgan, Citi, Morgan Stanley.
@chan_cat (6/10)
bloomberg.com/news/articles/…

Two Nasdaq-listed online brokerages – Futu Holdings and Up Fintech Holding - that let Chinese citizens invest overseas are cutting their presence in China as Beijing tightens control on private firms, capital flows, and data flows. @jamestareddy (7/10)
wsj.com/articles/futu-…

The Economist asks “is Chinese power about to peak?”
The reasons: US restrictions on PRC tech & Beijing’s own decisions – to crack down on its tech companies, embrace unpredictable COVID policies, and bankroll Russia’s invasion of Russia. (8/10)
economist.com/leaders/2023/0…

G-7 leaders issued a communique that included a nine-point “derisking” plan, intended to reduce the risks posed by China while maintaining members’ economic ties. @kenmoriyasu (9/10)
asia.nikkei.com/Spotlight/G-7-…

For more, read our full #deglobalization round up:
forcedistancetimes.com/deglobalizatio…