The Administration needs a comprehensive national manufacturing strategy for the U.S. to create a competitive environment for manufacturing firms of all sizes to flourish.
Having a national manufacturing strategy means designing the nation’s business, regulatory, and innovation policy environments to make the United States the world’s most attractive location for R&D and business investment in manufacturing (including foreign direct investment). A national manufacturing strategy would include a coherent set of policies based on the four T’s: technology, tax, trade, and talent. It would play an important role in aligning federal programs designed to assist U.S. manufacturers. The strategy should also explicitly support public-private partnerships designed to help strengthen the connection between research and commercialization and to help firms “bridge the gap” between transforming technologies developed in universities and federal laboratories into commercializable products. Having a manufacturing strategy is simply a way for the United States to understand what it needs to do—whether it’s why the United States needs to cut the effective corporate tax rate, reduce regulatory red tape, expand research funding—to help its manufacturers become more productive and innovative.