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Two-Minute Take: Supply Chain Delays
U.S. consumers and retailers are increasingly seeing goods backordered and extended shipping delays. Matthew Rooney, Managing Director of the George W. Bush Institute-SMU Economic Growth Initiative, explains how we can realistically improve the Nation's supply chain.
For the past 30 years, American trade policy has been focused on efficiency. While this has served us well, the supply chain issues we are all experiencing has demonstrated how our trade policies need to evolve. Efficiency has allowed companies to provide the best possible product at the lowest price. This should continue to be a priority, but the pandemic has demonstrated that reliability is also a necessity.