Manufacturing of the trivial items can be brought online in a reasonable timeframe. The lead time on a modern process node on the other hand is measured in years, and that's when you already know what you're doing. China still hasn't achieved state of the art even after everything they've invested over the past 20 years or so.

> You'll be paying a huge premium just so a politician can get a couple of favorable headlines

You're paying a premium to reduce the cross section of risk that your local economy is exposed to. The cost savings of globalization do not come without their own downsides.