If that were the case, the US would be dumping trillions into spinning up manufacturing like China did.
The US has the power to do this, they did it during WWII, and like it or not, this current era requires heavy strategic investments that may not produce returns for decades, if at all. It's what China is doing and if the US were trying to compete, they'd do the same. We were getting somewhat close to this with the CHIPS Act, but that's on the chopping block[1], too.
Truth is US capital is happy to sell off manufacturing capability to cash in on cheap labor, and there is no monetary incentive to re-shore manufacturing capacity unless the government provides serious incentives or does it themselves.
[1] https://en.wikipedia.org/wiki/CHIPS_and_Science_Act#Subseque...