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The downside is that wages for a large swath of Americans is flat or declined. Govt services go up because less people working or making enough to meet ends meet. So there is a huge downside to cheap tube socks, etc.
Also, I have never seen a study that shows that American wages would make American profits go in the red. What is happening is that these companies pocket the difference between American workers and Chinese workers. These companies would still be profitable if made in the USA with American wages - but just not as profitable.
Also, the stuff that comes from China is mostly of crappy quality that is at best cheap and disposable and at worst poisonous.
These companies would still be profitable if made in the USA with American wages - but just not as profitable.
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Business is either profitable or they are out of business. Those businesses that we think that make huge profits are only the ones generally that have a monopoly or near monopoly and aren’t affected by competition. Government regulation often limits competition and gives a big advantage to large companies which just increases prices.