IMO, the reason why companies outsourced their production to china still holds today. Companies pulling out will be at a competitive disadvantage against companies who don't.
Not everyone makes purchasing decisions based on price alone.
My wife is into vintage things as a hobby. She says the demand for anything "made in USA" has gone through the roof in the last five years simply because people don't want to support China anymore. Even used Made in Mexico, Taiwan, and Hong Kong items have seen a surge.
The trick is to move that view of China as a bad option from a subset of people to the majority of people.
Her full-time work is in retail, and she says people will happily pay 3x the price for "Made in Italy" items instead of "Made in China."
China knows this, which is why it has factories in both the E.U. and the United States filled with Chinese laborers churning things out so they can be labeled "Made in {$anywhere_but_China}."
Can you mention one major factory in the US with Chinese laborers?
There have been a number of articles in newspapers about this, including in a city where I lived recently. They set up entire self-contained communities.