" If we move those jobs back to the USA, we just create unemployment somewhere else."
In China as an example, I would expect internal consumption to feed domestic production. The production for exports to us will shift back to the U.S. as cost advantages disappear. Some of the shift to the U.S. will be in the form of U.S. companies stepping up to the plate, but much of the rebuilding of American factories will be from overseas firms moving production into the consuming country. That process has become fairly mature in the auto industry where more and more of production takes place where the cars are to be sold.
To me, efficiency is a greater long term threat to employment. In most modern factories it just takes a tiny fraction of the employees that were needed 40 or 50 years ago. How many people will it take to provide goods and services to the relatively few who are directly employed in growing and producing things? In the near future society will likely go through almost as great a transformation as took place during the development of the industrial age when urbanization and 40 hour work weeks evolved.