Largely true in sectors that are encumbered by those rules. US has effectively no rare earth mines due to environmental impact, labor intensive manufacturing all left... Of course it could be worth it though, pretty easy to argue it has been.
It has also been leaving China for a while. You cannot hope to compete with the poorest country on labor cost, it's not a matter of regulation (well unless we're talking about capital control, but it's a completely different topic)
