Global trade as a percentage of global GDP peaked somewhere around 2011 and has been steadily declining.
If you look at the US in particular the relative value of imports and exports is down about 30% from the peak 10 years ago. That's a big change for such a short duration
And simultaneously the US has been ploughing massive amounts of capital into domestic manufacturing construction. Money that would have previously been invested into China or elsewhere, is now staying domestic (with a lot of capital also going to eg Mexico).
What do you mean when you say that the money would have previously been invested into China?
Was the US federal government previously funding fab development in China?
That is to say, it seams like this investment is to meet a very specific need, and wouldn't have happened otherwise. Similarly those paying aren't the same either.
If you look at the US in particular the relative value of imports and exports is down about 30% from the peak 10 years ago. That's a big change for such a short duration