Almost exactly a century ago, Sun Yat-sen, the father of modern China, wrote a letter to Henry Ford. He asked Ford to invest in his country and to help China build a “new industrial system.” The response from the American industrialist and founder of Ford Motor Company to the 1924 missive was curt: No thanks. Now, 99 years later, the tables have turned. Spurred by global supply chain disruptions, mounting geopolitical tensions, and a high-stakes technological competition with China, the US is investing heavily in rebuilding its domestic industrial base. This comes after decades of outsourcing production abroad, which hollowed...