That's not even half the story. How about international trade rules that were relaxed? How about much lower Chinese wages and worse worker protections (like working hours and overtime rules)? How about that 996 schedule that essentially allowed China to cut a shift at a 24 hour plant by making a 12 hour a day 6 days per week schedule standard practice? China was just one nation like this.

Large corporations, regardless of where they're headquarters were (many were in the US and considered American corporations) started moving production to low wage nations and exporting back into high wage nations to drive up their profits.

Apple is a shining example of this. Even to this day, look at how high the margins are on their hardware products, and that's AFTER Chinese wages have spent 20 years increasing. Look at Tesla, the first car company in China to start massive vehicle exports to the West, whose seem their profit margins jump since starting and expanding production there. (They export to Europe and other higher wage nations because at least Trump knew enough to stop Chinese vehicle imports with a new tariff). Now Biden is squashing any hope of vehicle imports from any low wage nation. (It looks like investors tried to circumvent the Chinese tariff by building factories in Vietnam...see Vinfast)

The US government all but guaranteed this eventuality with the relaxed trade rules (aka no tariffs in imports) back in 2000 and lack of investment at home. Why spend a billion on a new factory in the US, when instead we could experience years of high unemployment and pay out huge amounts for government assistance? Who pays for it? Corporations? Hah... No one pays (at least not right now)... we'll just grow our national debt!

Corporations couldn't have done a better job of enacting legislation to their own benefit if they governed the country themselves. They basically do through their massive lobbying efforts, campaign contributions, and promises of lucrative jobs after a politician is out office.