Same dynamic as ship building… You can’t expect any industry in the US to compete with a country with no EPA, OSHA, labor unions, or other ‘encumberances’ that come along with being a first world nation.
In it’s purest form, globalism is a race to the bottom from the perspective of the average person. There’ll always be poorer people willing to make products cheaper and cheaper. And as those new cheaper laborers are found, the people who had the jobs before get displaced.
Great for third world countries, not worth a damn for developed countries.