Yes and no. Real wages in US manufacturing have been on a steady decline for a long time now, and the cost of manufacturing goods overseas has been steadily increasing. After factoring in all associated costs with importing goods from a place like China, the difference in cost might even tip towards made in the US being cheaper in the long run. That said, a lot of countries other than China do still have cheap slave laborers that we depend on to give us cheap stuff, and we just can't compete with that using our domestic work force. Also if the local workers unionize and push wages up more towards what they would be had they kept pace with inflation, then local goods will be far more expensive. The cost of a new factory would certainly inflate a lot of short term prices too.

All that said, I know a lot of people that would be willing to pay a substantial premium for well made goods that were produced domestically. Everyone has experienced just how terrible the goods we source from overseas often are, and if paying double or triple for something means that you get a useful lifespan that's 5 times longer, a lot of people are willing to pay that. There are also a lot of people that would happily pay for goods that they know for certain weren't made in a Sri Lankan sweatshop.