>since low end manufacturing will have completed its move out of China
This is not a quick, simple process. You don't need to just move your factory equipment from one building to another one on the different side of the border. You'll need to train new workers and quality staff, you'll probably need to adjust your supply base, you'll need to validate your processes.
China still makes most of the consumer goods that an average person has, and it will continue to be that way for a while. They've spent decades creating an ecosystem of manufacturers, and that can't just be replicated overnight
This is not a quick, simple process. You don't need to just move your factory equipment from one building to another one on the different side of the border. You'll need to train new workers and quality staff, you'll probably need to adjust your supply base, you'll need to validate your processes. China still makes most of the consumer goods that an average person has, and it will continue to be that way for a while. They've spent decades creating an ecosystem of manufacturers, and that can't just be replicated overnight