Plainly speaking, China already took our iPhone manufacturing and our electric car business. They've got the chops, the supply chain and the export network to keep doing that for everything from the JSOW to the Harpoon missile. Unless the US makes a serious effort to invest in domestic R&D, our Bay Area vanguards are going to spend more time jerking off than participating in a healthy defense business.
It may well be coming back over time; from 4 hours ago:
Apple Mobile Processors Are Now Made in America. By TSMC. https://news.ycombinator.com/item?id=41574844
Regardless of how you feel about it, the CHIPS act is a line in the sand the US has just crossed. We are heading back to cold-war style economics, because this is an economic cold war.