Their power tools (such as table saws, drill presses etc.) went Chinese a long time ago. I worked at Harbor Freight for a year, and they are 100% Chinese. Some of it is absolute junk, and some of it is remarkably good. All depends on the particular product.
Chinese steelworkers, who work with molten steel, are willing to work for 50 cents an hour. Compare that to the union wages of a U.S. steelworker, and even the non-union wages. Accordingly, it is absolutely impossible for U.S. manufacturers to compete with Chinese made steel products on a price basis.
And, since I am a total free-enterprise guy, and don't believe in the government subsidizing wages or excluding foreign products with trade barriers just to prop up domestic companies (all of which is socialism and very widely practiced in Europe), I simply buy the very best tool I can for the money, whether it be foreign or domestic.
Mannyrock.