Comparing with China, I’d be curious about whether their companies face the same return-on-capital forces that US (and to a lesser extent western) companies do. So when we outsource to them, it’s to a vendor who is not needing to promised 10%+ returns. As I understand it, this is because the central government exerts pressure on banks to make loans at low rates, so that capital can be raised more easily for targeted industries.

I agree that onshoring is likely impossible without some sort of contextual reimagining of US industry.