Globalization is a bit more than just companies setting up shop where labour is cheapest. It is a rules based order that relies on institutions like the World Bank, IMF, a bunch of treaties and other institutions and a set of norms about how relations between States should be constructed. It also relies on an elite consensus that globalization is good. I think there is a sense however that this consensus is breaking down, hence the turn towards nativism in various polities. The increasing willingness of China and Russia to flex their muscles and (re)build regional power blocks means that while international trade may not decrease it may no longer be "global" in the way it is now.