Probably meant Japanese, I don't think China had much of a steel industry in the 1970s and given the politics of the time I don't think it would have been imported in the USA even if available.

China started pushing for a large domestic steel industry in the late 50s.

It did not go well. https://en.wikipedia.org/wiki/Backyard_furnace

He specifically said Chinese. But given the era it might have well been conflated.

The paradox of rights(don't quote me, i just made this up). In wealthier societies, demands for greater worker rights from the government increase. This can lead to more bureaucracy and higher labor costs, potentially making third-world countries with lower regulations more attractive for importing goods or outsourcing production. Countries already operates in a libertarian interaction with each others. I find these global economics aspects fascinating

Wealthy countries tend to invest in automation. If you have 1/10 as many workers you can pay them 5 times as much.