We have regulated ourselves out of being competitive. The EPA, OSHA and so many others have done this to the USA and now we are dependent to countries that are not our friends.
That’s why China and other countries routinely “donate” to the leftist groups that push these regulations onto us that reduce manufacturing here.
I'll grant that overregulation is part of the problem, but our mistake isn't regulations that protect workers or the environment. Our mistake is that we didn't require our trading partners to implement similar regulations as part of the trade deals, which would have levelled the playing field.
Forcing American workers to compete with foreign slave labor is not fair trade, but it's what our trade agreements allowed. Ironically, the party that calls itself the party that freed the slaves largely supported these trade deals, although Clinton, Gore, and Biden also supported them.
And here's an example of what happened when one company with government support outsourced to avoid US regulations and restrictions in 2015. How much money did that save us?