Editor's Note: This article is part of an ongoing RANE series on the shifting patterns of global trade. The first installment provided a broad overview of the geopolitical and economic implications of these shifts. This second installment explores how recent changes to U.S. trade and tariff policies will affect nearshoring trends in Canada, Latin America and the Caribbean. Trump administration policies will create new challenges for nearshoring manufacturing closer to the United States, but a reversal that substantially damages major manufacturing countries' attractiveness for nearshoring is unlikely. In 2023, Mexico surpassed China as the top exporter to the United States for the first time in decades, a position Mexico held for the second year in a row in 2024.