Evolution in manufacture is inevitable; New products, new niches, will be found if the entrepreneural energy and expertise are there.

To take a minor example, England made fine clocks in quantity up to about 1850, then the cheaper Bohemian-German clocks took over, then the mass-produced American movements put them out of business. Now the Asian area makes most of the clocks (except for some high-end items, "custom-made," as EBarnacle puts it).

Stanfield in Canada made good underwear, but Asia could produce the same quality for less, so Stanfield must make its money as a retailer rather than a manufacturer.
The same happened to the American (and other) clothing industry, but specialty and high quality or high end fashion niches remained.

Good education is one of the bases for keeping up; American and Canadian education for the global world has been falling behind.