The article examines the main long-term and short-term trends affecting the development of global value chains and production networks of American multinational enterprises, including the impact of the novel coronavirus COVID-19 pandemic. Some new findings in the field of heterogenous firm model development studies are briefly mentioned to give additional information on American largest MNEs activities. The author outlines the most influential positive and negative factors, both economic and non-economic, affecting the American GVC, and pictures some prospects for reshoring and diversification of companies in certain industries, as well as alternative strategies to increase the sustainability of GVCs in the time of pandemic.