We have been de-globalizing for years for economic reasons, not political ones, and its sped up in the last couple of years due to pandemic caused supply chain issues.
Huge companies like Intel for example are spending $20B to build a semiconductor plant in Ohio. Labor rates in China 30 years ago were so cheap we off-shored labor intensive activities there. Labor rates in China have increased 18X in 30 years. Factory labor rates in Mexico are actually cheaper than China now, and its a lot closer to home.
Walmart even assembles there cheap bicycles in South Carolina now - but they do still use Chinese parts to keep the cost down. They used to assemble them in China, box them, and ship to the US. Now they ship containers of parts to South Carolina and let American workers assemble them.
So no, its not a loosing battle at all, but it will be a long, drawn out, battle.