Yes, but more people will have jobs, albeit, lesser paying jobs. Nonetheless...
BTW, you forgot to type "If". :-)
Maybe, I am not convinced that manufacturing will return to the USA if labor here beomes as cheap as labor in China. I understand that is the theory, but I am not yet sold on that theory. Most nation have tariffs to protect thier industries. Traiffs can wipeout any cost advantage to manurfacuring in the USA and dumping to maintain market share can kill any home grown competition to importers.
I'd say the free traders have really screwed us good. Until the free traders are run out of Washington, we will continue to lose our wealth.