Is Trump’s Manufacturing Comeback Real?

As the 2026 economic landscape continues to evolve, questions about Trump's trade policies and their potential market impact remain at the forefront of financial discourse. Steve Rattner of Willett Advisors has provided a critical examination of whether the promised manufacturing renaissance is genuinely materializing or merely political rhetoric.

The core of Rattner's analysis centers on the effectiveness of tariffs and trade restrictions, particularly in constraining international competitors like Chinese electric vehicle manufacturer BYD. While President Trump continues to tout potential GDP growth of 15%, Rattner argues that such projections are fundamentally unrealistic and overlook more significant economic transformation drivers.

Perhaps most intriguingly, Rattner suggests that productivity gains from artificial intelligence may ultimately prove more consequential than protectionist trade measures. This perspective challenges traditional assumptions about industrial policy and technological development.

For precious metals investors, the implications are nuanced. Industrial output trends directly influence silver demand, particularly in manufacturing sectors like electronics, solar panel production, and emerging green technologies. The potential AI-driven productivity surge could paradoxically both disrupt traditional manufacturing and create new high-value technological applications.

Ultimately, Rattner's analysis suggests that while protective trade policies might offer short-term political satisfaction, sustainable economic growth requires a more sophisticated approach that embraces technological innovation, workforce retraining, and strategic global positioning.