I think there has been a general recognition that rebuilding local supply chain in manufacturing is essential. Especially in the industries where this is still possible.

Cheap labour only helps if two years of labour is cheaper than a machine that can do the work. The machines get cheaper and labour gets more expensive. It obviously doesn't mean a lot of the low skilled jobs are ever going to return to the countries they have left, but at least it creates opportunity for an ecosystem of local suppliers and innovation.