The three sectors thriving under Trump’s Made in America manufacturing push
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The return of Donald Trump to the White House has reignited debate over US industrial policy and set in motion a new phase of economic activity. At the center of this agenda is a revival of the “Made in America” initiative, supported by tariffs, tax incentives, and executive actions intended to boost domestic production. This time, the focus is narrower and more capital-intensive. High-tech manufacturing, pharmaceutical production, and aerospace are now the priority sectors.
Each of these industries already has substantial infrastructure in the United States. Combined with legislation such as the CHIPS and Science Act and the Inflation Reduction Act, they are well positioned to benefit from the current policy landscape. While the outlook is not without risk, these sectors have quickly become central to national economic strategy and industrial investment.
Why high-tech goods and chips are leading the charge back home
Few sectors reflect the reshoring trend more clearly than semiconductors. The CHIPS and Science Act, passed in 2022, unlocked $39 billion in federal grants to support domestic fabrication facilities. That legislation has catalyzed hundreds of billions in private capital, enabling companies such as GlobalFoundries and Intel to expand manufacturing capacity in New York, Arizona, and beyond.
Despite the funding momentum, the sector faces new uncertainty. Renewed tariffs and shifting trade terms under the Trump administration have led some firms to pause or delay their investment plans. Samsung, for instance, postponed its planned Texas fabrication facility to 2026 due to increased cost exposure and concerns over global supply chain volatility.
Still, industry fundamentals remain strong. Oxford Economics notes that high-tech manufacturing already has embedded domestic infrastructure, giving it a competitive advantage in absorbing policy shifts. Semiconductors are also at the heart of supply chain security debates. For investors and executives, that makes this sector not just viable, but strategically necessary.
Big pharma bets on domestic manufacturing to counter tariff risk
The pharmaceutical industry is undergoing a rapid realignment. In May 2025, the Trump administration issued executive orders giving the Food and Drug Administration and Department of Health and Human Services expanded authority to fast-track approvals for drugs produced in the United States. Alongside those changes, new tariffs on imported pharmaceuticals, some exceeding 200 percent, have prompted companies to scale up domestic operations.
Firms such as Eli Lilly have committed $27 billion to build new production campuses across the Midwest. AstraZeneca followed with a $50 billion US investment plan stretching through the end of the decade. These investments are aimed at reducing exposure to regulatory risk and preserving access to the American consumer market.
However, this shift introduces complications. Analysts have warned that onshoring too rapidly could raise drug prices and disrupt supply chains in the short term. Still, the strategic calculus appears to favor action. Companies that invest early in US-based capacity may gain long-term operational advantages as regulatory scrutiny increases and overseas inputs become more expensive.
Aerospace enters the spotlight with Boeing’s policy advantage
The aerospace sector stands to gain from a combination of domestic investment and international diplomacy. Boeing, in particular, has emerged as a core beneficiary of Trump’s second-term trade strategy. The company recently secured a $96 billion order from Qatar, reflecting growing demand and strong alignment with federal policy.
However, cost pressures remain a concern. Tariffs on steel and aluminum continue to impact aerospace manufacturers and their suppliers, raising input costs and extending delivery timelines. Boeing’s complex supply chain, spread across dozens of states and international partners, is especially vulnerable to trade disruptions.
Despite these challenges, market dynamics are favorable. Global air travel has returned to pre-pandemic levels, fueling new aircraft orders and supporting revenue forecasts. Boeing’s stock has outperformed its sector peers, driven in part by what analysts have dubbed the “TACO” trade: tariffs, aerospace, chips, and oil. Policy momentum, rather than margin strength alone, appears to be the key driver behind recent gains.
Manufacturing’s resurgence under Trump’s second term reflects a shift in how industrial policy is being implemented. The focus on three sectors: high-tech, pharmaceuticals, and aerospace, is not coincidental. These industries have capital intensity, national security implications, and the physical infrastructure needed to deploy investments at scale.
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