If the wage difference is what is stopping you, then you aren't really trying to compete. There will always be a shithole country with dirt-cheap wages where companies can get stuff made with virtually-unlimited manual labor. Unless you are going to turn the US into a country with third-world living standards, you won't be able to compete with that, so don't even bother trying. Still want to compete on price rather than quality, speed, or services? Automate everything and make wages irrelevant.

China already figured this out, mind you. Their wages have been exploding as the country has developed, and due to their horrible one-child policy they are facing a giant population cliff. They have been pushing very hard to switch their factories from cheap labor to automation, and those dirt-cheap Chinese EVs our Western politicians are working so hard to block in order to keep the horribly outdated Western car manufacturers alive are the direct result of that.