More likely the goal is for foreign companies to set up factories in the US for the domestic market. The US market is too big for most industries to ignore, and as they move manufacturing there, they skill up the US population.

Industries don't exist in isolation, and you need to be able to make simpler things in order to cultivate the know-how to make complex things. If China makes better phones, it won't be long until they make better drones. This is as much a strategic initiative as it is an economic one.

And BYD should be a wake up call that the US cannot compete in high value goods anymore.