I fully agree with your last sentence. But I think that nobody is seriously arguing that the US or European countries should become autarchies and produce _everything_ themselves again. (That whole "decoupling from China" is considered unfeasible and highly disruptive/dangerous at least by EU officials that I have personally heard from.) Instead, certain products and production capacities should be preserved at a minimum level. This is economically unprofitable but can save your country's collective butt in an emergency if it's properly managed and production can be ramped up quickly by getting a network of companies to switch their production (eg masks). I would expect my government to think about these long-odds, high risk events and take measures to prevent them or at least mitigate them. More traditional examples of this kind of thinking are strategic stockpiles of oil, food etc. If the covid-19 pandemic has shown one thing, it's that just in time manufacturing and globalized highly-optimized supply chains can fail spectacularly.