competition in their industry. As a result, US manufacturing is reallocated over time towards industries that are more capital and … surviving plants. Within industries, low wage import competition has the strongest effects on the least capital and skill … intensive plants. Surviving plants that switch industries move into more capital and skill intensive sectors when they face low …

a difference-in-differences identification strategy, we find that industries more exposed to reductions in import tariff … uncertainty exhibit relative declines in investment after the change in trade policy. Within industries, we find that this …