He contradicts himself. Europe, in particular Spain, France and Germany are still manufacturing goods. And yet their economies are stagnant. Because those industries have seen no growth for decades already.
He is not far off from the truth that a lot of the American economy is phony with wrong incentives. I submitted an article recently that makes the same argument, about e.g. the 2008 crisis "we used to sell mortgages to so we can build houses, not build houses so we can sell mortgages".
But his solutions fall on their face. The contradiction you mention is not the only one - his wrong way involves "protectionist economy" which is actually exactly what is happening right now.
It's also a bit funny the current backlash against globalization I'm the US government is led by the people that profited the most from it. That right there tells you their intentions are not noble.
[1] https://www.amazon.com/Audible-Kaput-End-German-Miracle/dp/B...
Germanys role in the fight against covid should not be forgotten. Germany is not just cars.
https://www.ft.com/content/4c0f90ac-1068-46ec-bb6a-b27f21af6...