Alternate markets exist which can compete with china on pricing for manufacturing for the US, but there is no way we can directly on most items. They are orders of magnitude cheaper in many areas than we can ever be. By this I mean that the problem isn’t that China is, say, 25% cheaper than making it in the US - they are more like 90-95% cheaper in areas I have been around or know people who have seen prices firsthand.
I bought a quality pair of New Balance shoes for $75.00. Equiv. Chinese was about $50. I know the Chinese shoes are toast after 12 months, so the US made shoes only have to make 18 months before they are a better value.
We can compete, and if we do with shoes..then pretty much anything. Changing out Tax system and anti-business laws, and we’ll be fine.
We can’t compete in manufacturing because China doesn’t have as stringent laws for just about everything.