These days, you have to go out of your way to find products that made and manufactured in America. While some companies still pride themselves on making all of their product stateside, many private and public companies have long since moved the manufacturing and assembly of their goods to countries in Asia.
This is terrible for the American worker, as it means millions of factory and manufacturing jobs shipped overseas with few opportunities to replace them. It’s also pretty awful for foreign workers, too. Though they now have jobs that didn’t exist before, foreign workers are often paid starvation wages and work in less-than-stellar and grueling conditions.
For you and I, however, cheap manufacturing overseas means cheap(ish) consumer goods. Since companies are paying less to make their products, Americans are paying less than they would if those same companies just had to pay the American minimum wage.
So what would happen to product prices if those jobs were forced to come back to the U.S.? That’s what Business Insider looked into after the election of Donald Trump, who wants to bring manufacturing jobs back to America. What they found could end up costing you more than you think.
Trump’s initiative to bring jobs back to America is an impressive one, especially when millions of people who once worked for American manufacturers no longer work at all. Unfortunately, American companies are heavily reliant on overseas manufacturing, and aren’t ready to keep prices the way they are if they’re forced to move back home. So if Apple really is forced to make iPhones stateside, get ready to pay a premium like you’ve never paid before.