October 18, 2025

President Donald Trump is pushing manufacturers to bring factories home. His policies are punishing them when they try.

Tariffs meant to protect American producers are raising the cost of the very materials they need to expand their footprint in the U.S. New visa policies risk narrowing the talent pipeline needed for that expansion. And spending cuts pushed by White House budget hawks threaten some of the subsidies companies need to make bringing back jobs pay off.

Together, the policies underscore the limits of Trump’s sometimes improvisational approach to governing — and highlight a tariff regime more aimed at getting even than getting ahead. The result is an expensive balancing act that business leaders say is increasingly hard to navigate.

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