Seismic shakeups have taken place across the global trade landscape over the past year, with geopolitics and see-sawing tariff policy leading to consequences that few could have predicted. On “Liberation Day” in April 2025, President Donald Trump imposed radically expansive double-digit duties on trade partners across the globe with the stated goal of rectifying “chronic trade deficits” that “[threaten] our security and our very way of life,” and spurring a reshoring boom. A little over 12 months later, the administration’s IEEPA tariff program has been dismantled, but its impacts are still being strongly felt—just not in the way many American producers expected. Kearney’s 2026 Reshoring Index, released last week, showed domestic output growth is still in the negative, with 2025 showing little improvement over 2024. More explicitly stated: American producers didn’t benefit from the whipsawing tariff policy changes. Manufactured goods output in the U.S.…