HR 509

The Western Hemisphere Nearshoring Act aims to reduce U.S. reliance on manufacturing in China by encouraging businesses to relocate operations to Latin American or Caribbean countries. It provides financial assistance through the U.S. International Development Finance Corporation, prioritizing moving costs, workforce development, and facility construction. The bill also seeks to expand trade and nuclear energy agreements with these countries, subject to conditions like job creation, non-Chinese ownership, and adherence to free market principles. Additionally, it proposes duty-free treatment for goods produced in eligible countries and encourages trade negotiations and potential agreements related to nuclear energy.