The good news is that we're pretty close to ending the transfer of our industrial base to China.
The bad news is that the reason is, there ain't much left to transfer.
The worse news is that even if we tried to stop (let alone reverse) the process, we're in bad shape -- really bad shape. The brainpower necessary to man the infrastructure has largely gone to retirement, to the grave, or offshore.
We're screwed.
That's a fact, and there are fewer young Americans getting graduate degrees in science, per the National Science Foundation. We aren't filling the pipeline for the future.
There is a further problem. China can either liquidate our debt on the open market, or merely quit purchasing our bonds and T-Bills. The net result will be a disruption of the markets and an increase in interest rates. Without firing a shot, they can hurt our economy.
I think we will pay a heavy price for those cheap goods.