Riddle me this - over the past few decades we have heard of more and more manufacturers moving to Mexico, China, etc and yet here we are in 2024 with a thriving and growing North America, high employment, high inflation because people have lots of $$ to spend. If all these jobs have been lost, shouldn't the US economy be shrinking or at the very least stagnant?
My take is very simply that things have changed. Sure lots of jobs have been lost to foreign factories but they have been replaced by different jobs. How many people does SpaceX employ and what is their annual budget? That company did not even exist a few years ago.
Chinese stuff used to be all crap. Now just some of it is crap. That trend is not going to reverse itself, they are only going to get better and better.
The key for America is innovation and vision. Let China create mass consumer goods - we can't compete anyway. America's place as manufacturing leader of retail goods is over - it is not coming back. There will be a future , a good future, for our grandkids, but it will not involve them building shoes in a US factory, or machining mass market brake calipers.