Wasn't it similar with Japan in the eighties?
It was not american brands manifacturing goods in Japan, it was Japan copying US products and selling them at a cheaper price, with an acceptable quality.
The last few years I've been getting tons of small-run, custom manufactured goods from China, ranging from custom keyboards (and CNC'd aluminum cases for them), custom electronics (mostly routers), to handcrafted belts and tailored clothes. All of them are of absolutely outstanding quality and all of the communication I've seen demonstrates some incredibly skilled craftsmen who take pride in their products.
A lot of the knowledge/experience is gone from US manufacturing.
Once they figure out customer service (which is generally poor, but good with some shops), you're going to see a lot more people doing what I've been doing.