That's pretty much it really. Any company is in the business of making a profit. Take what it costs to pay, insure, and train a modern American workforce today. Maybe add in a union and what effect that can have on the bottom line. Dont forget pensions/401Ks, unemployment payments, L&I, and coming soon to a business near you, MORE medical insurance costs,...
Sure, schmuckatelli is only taking home $8 an hour, but what does it cost the company on top of that?
So yeah, in the end, to defend the bottom line and ensure that the suits get thier six figures (+15% bonus, company car, and use of the company jet), it's cheaper to pay for labor & the shipping from China to avoid all that.

1956 GMC 370 dump " 'Tater "
1970 VW Volksrod "the Black Bomber"
2007 Chevy Avalanche
2020 Jeep Cherokee Trailhawk,
2005 Harley Davidson FLHTCUI

I dig all cars, old and new, whether they were hammered out of American iron, German steel, or Japanese tin cans. Being unable to appreciate them all is missing out on a world of great things.
But thats just MY opinion! :P