Western Hemisphere Nearshoring Act

The Western Hemisphere Nearshoring Act provides financial incentives for U.S. companies to move manufacturing operations from China to Latin America or the Caribbean. It authorizes the U.S. International Development Finance Corporation (DFC) to offer financing with reduced interest rates for qualified moving costs and workforce development. Companies that relocate will qualify for 15 years of duty-free treatment on goods produced in the region. The bill includes requirements for job creation in destination countries, asset relocation from China, and commitments to avoid Chinese government control. These provisions aim to strengthen regional economic ties and reduce migration by creating economic opportunities in the Western Hemisphere.