The think the point is that China’s labor cost has gone up faster than that of any country in history. The reason we still buy stuff from China is the sunk cost of the industrial base. That isn’t trivial. But that base, the buildings, the equipment, and the training and supply train is being constructed in Mexico, Columbia, Vietnam, India and other places. It’s like turning an aircraft carrier. That won’t happen in a minute. We’re years away from getting off the China addiction. And, we are looking at significant inflation as the cost of stuff was subsidized by the CCP in order to eliminate the competition. But they can’t do that anymore.
You might say, why not build it all here? Well, having had employees in the US I can attest the government at all levels makes it ridiculously hard and expensive and dangerous to employ Americans. Along with all the (essentially taxes) imposed at all levels, the government will help certain aggrieved minorities sue you into oblivion for a host of things you may, may not or might in the future do. Once you’ve navigated all that an EPA inspector from the federal, state, county or city level can come in and shut you down over a puddle of rusty water that leaked out of your fire suppression system. The friendly people in the government really don’t want you here. If you do set up here, you’ll pay a premium for the right. Then, along comes the organizer from the union, or a lawyer from the ALCU or a bunch of protestors because your paint is used on the hull of a Japanese whaler. None of that will happen in Vietnam or Mexico.
Donald Trump was well on his way to turning that aircraft carrier when the scamdemic was unleashed. What you say about China may very well be true but for the time being Chinese merchandise is predominant. The countries that China is losing manufacturing base to are all lining up to join BRIChinaS+. I wonder what economic pressures from China membership will expose them to?