Western Hemisphere Nearshoring Act

The Western Hemisphere Nearshoring Act encourages U.S. companies to relocate manufacturing operations from China to Latin America or the Caribbean by providing financial incentives. It would use U.S. International Development Finance Corporation (DFC) funds to cover moving costs and workforce development for qualifying companies, while offering duty-free treatment for goods made in the region. Companies must create jobs in the new location, avoid foreign government control, and move operations within a specified timeframe to qualify for assistance. The bill also establishes a trust fund using tariffs from China to offset revenue losses from tax incentives for relocated manufacturing. This legislation aims to reduce U.S. dependence on China, create jobs for American workers, and foster economic development in the Western Hemisphere.