Given that the US economy is already operating at close to full employment, it does not seem feasible to suggest that it will onshore the production of all strategically important goods that are currently made in China. Rather, we are likely to see the onshoring of some manufacturing, coupled with the ‘friendshoring’ of the production of key technologies. Vietnam is often cited as one potential beneficiary if Western companies seek to spread their risk by adopting ‘China plus one’ strategies…