The comments here seem to show a typical US-EU divide in perspectives, people talk past each other. Yes, mass-market low-margin consumer products (the US view) probably won't be produced much in the EU in the next few years.
But much of the electronics industry in the EU is B2B and centers around producing high-margin products where 10.000 units of a product would be huge.
The company I work for, for example, usually produces a few hundred units of a product before the next revision replaces it. Whether or not the PCB costs 20€ more or not really isn't that important if you only plan to sell 100 devices of it per year for 10k€ each. Aspects like quality and regulatory conformity are way more important here.
But much of the electronics industry in the EU is B2B and centers around producing high-margin products where 10.000 units of a product would be huge.
The company I work for, for example, usually produces a few hundred units of a product before the next revision replaces it. Whether or not the PCB costs 20€ more or not really isn't that important if you only plan to sell 100 devices of it per year for 10k€ each. Aspects like quality and regulatory conformity are way more important here.