The entire revolt against globalism shows that just lowering price isn’t enough when you no longer have a job, or the job you have pays you very little.
It’s not smart for a country to let all of their industrial engine be replaced just because it’s cheaper. It’s more expensive in the long run.
The problem is that an industry can be used as leverage by China to hurt the economy. See Putin and Gazprom, Tawianese Chips and so on.
Globalization is good, because it makes production of consumer goods more cost effective. But cost alone is not worth much if the supply is not reliable and can be leveraged by a potential opponent.
It’s not smart for a country to let all of their industrial engine be replaced just because it’s cheaper. It’s more expensive in the long run.