Globalization practically guaranteed this is the “new normal” permanently; unlike years ago where we were the prime manufacturer of just about everything, the Third World is now the factory of the world. Ditto for call centers, data entry, etc.
“unlike years ago where we were the prime manufacturer of just about everything,”
True, but why? High US corporate income taxes hurt US manufacturing. Other countries tax their corporations less. Too powerful unions make the US manufacturing less competitive. Failure to US nuclear and other energy sources as we could, have denied us the cheap energy that would have fueled US manufacturing. Over-regulation, Obama-care, etc. have also reduced our competitiveness. It is currently illegal to export US oil, which is turning US booms to busts in energy production. Socialism is killing the economy in so many ways.
Trade improves our standard of living. That is why we do it. It works between individuals, counties, states, and between nations. In the 1950s we had trade and were very competitive. Today we take prosperity as a right and never give a thought as whether a proposed law will make us more or less competitive.