Sure it will. As long as the premiums imposed by unions, frivolous lawsuits, regulations, and taxes continue to add up to more than the transportation costs nothing is going to change.
Even with all that, in one article I was reading about “reshoring” manufacturing, right now (without 3D printing) one manufacturer calculated they would only have a 10% increase in costs in America, as compared to overseas. It’s not that kind of equation as you think it is, anymore.