10% of billions of dollars is plenty enough to cause the companies to move to some tax heaven. You can fight that with tariffs, but the end game is being outproduced by orders of magnitude and losing any influence over global market.
Read about industrialisation of United States and history of tarrifs. US had plenty of them when the British Empire was the industrial powerhouse.
That said, labor has been cheaper outside the US for decades, yet manufacturing is still 2+ Trillion dollars per year in the US. In part it’s because you can’t simply move farms, oil wells, or forests etc. But, business friendly regulations, educated workers, efficient transportation, etc are also huge contributors.