I don't disagree with you, especially in the short term, but Noah Smith (economist at https://www.noahpinion.blog/) does have some eye-opening opinions on the industrial might of China, and what that could mean for USA influence if China wanted to push things. (All this assumes no one uses nukes, of course.)

I'm going from memory, so errors are probably mine, not Mr. Smith's. But, basically, wrt manufacturing, China is already where the USA was during / near the end of WWII. Even if we had the tech and raw materials, the USA would not be able to up with China's factories if it came to war. They could basically just keep throwing drones and bombs at the USA until we literally ran out of anything to defend ourselves with, much less fight back with. Even if much of the rest of the world's factories were on our side.

CHIPS act is one way the Biden admin was trying to restart strategic manufacturing in the USA. We'll see how that goes.