China isn't that cheap anymore actually, a lot of their value in certain areas is that they have been doing them for a long time so are pretty good at it now.

China is becoming (or probably already a good way into) becoming 80's Japan

What comes next is anyone's guess.

The world is actually rather quickly running out of dirt poor people.

This is a very good thing, but it's also a world that has never existed before.

Welcome to Vietnam baby. Even a perennial underperformed like the Philippines has ~5% a year growth. Things are getting better everywhere. Even Africa has bright spots like Ethiopia, Nigeria or Ghana.

But then it would be those cheap countries stealing IP. Just like Japan, South Korea, Taiwan, and China before them.

I think the hope is that won't also be super protectionist too

And the United States was notorious for IP theft before them.

Fun Fact: the word Yankee is Dutch for pirate - not a coincidence.

there was no world trade organization or global free trade agreements back then.

Not to mention the most common thing the US is accused of was a former worker bringing his knowledge to the US and recreating a factory from memory. He didn't get paid by the US government to steal blueprints like China does today