Interesting to see this migration of manufacturing back to US+ now that Chinese manufacturing costs have caught up to Mexico (which is a MASSIVE compliment btw - a lot of North American high value manufacturing such as in the automotive, medical robotics, and IC space is done in Nuevo León, and China has caught up).
https://www.voanews.com/a/a-13-a-2003-11-12-33-mexico-s-6729...
The supply chain to manufacture generic plastics (most concentrated around Guangzhou and moving to Northern Vietnam) is different from the supply chain needed to manufacture generic pharmaceuticals (mostly concentrated in Himachal, Hyderabad, and central Maharashtra) is different from the supply chain to manufacture medical robotics (concentrated around Tijuana).
Cost of labor isn't the only variable when these decisions are made. Decisions need to take into account business continuity, availability of expertise, availability of suppliers, etc.
This is why low value manufacturing began moving from Guangdong to the Haiphong Delta in the mid 2000s and 2010s, and is now moving to Laos+Cambodia.
And this is why intermediate parts manufacturing (the kind which china is very competitive in) is returning to Mexico - incomes and costs in China have caught up to Mexico, which was the proto-China before the Peso Crisis and China's entry into the WTO. If I'm paying the same in labor in both China and Mexico, I may as well save money in logistics and taxes by reopening my plants in Mexico.
The story of manufacturing returning to ASEAN and India is the same - the factories that South Korean, Taiwanese, and Japanese companies built in the late 90s/early 2000s moved to China by the mid-2000s, but started either returning to Malaysia (electronics, plastics, automotive), Thailand (electronics, plastics, automotive), and India (plastics, pharmaceuticals) or began opening greenfield such as in Vietnam (electronics, plastics).
The return of manufacturing in South+SE Asia was due to trade wars the Chinese govt initiated against Korea (bought THAAD against NK, PRC didn't approve which sparked a mass boycott against Korean products in China), Japan (Senkakou/Diayou Islands standofd which caused a massive boycott against Japanese products in China), and Taiwan (a major Taiwanese origin KPop singer began pushing for Taiwan Sovereignty which sparked a mass boycott against Taiwan in China) in the 2012-2017 time period.
This led South Korea, Japan, and Taiwan to initiate their "Look South" policies to decouple their economics from China. SK and Japan largely succeeded, but Taiwan lagged behind due to internal political acrimony.
Plasticky goods probably yes, but for electronics assembly, it's already USD 2500 a month for a good experienced assembler.