Way more complicated than simply "next cheaper place". Modern manufacturing has long, really, really long supply chains. You also need a mix of labor (low-end, mid-range, high-end).

The Chinese-focused East-Asian manufacturing worked because you could get mid-range labor from China/Malaysia, low-end from interior parts of China/Vietnam/Bangladesh, and high-end labor from Korea, Taiwan, and Japan.

Latin America is a good candidate because of the easy availability of raw materials and short supply lines to America. But their internal stability is a huge problem.

The south-east Asia countries near China or maybe costal areas of Africa? It would help if they have a stable government and resistance to climate change.