Moves to reshore signal a gradual return to 'Made in US'

"Wal-Mart Stores Inc has pledged to purchase $50 billion of US-made products by 2022. It doesn't mean they won't buy Chinese-made products, but they will buy more US-made products," said Moser.

"We put 'Made in the USA' on our products. We see it as a way to differentiate ourselves," said Ferrise. However, he said that "Made in the USA only matters if the price is the same, as most consumers don't differentiate."

What will reshoring mean for China's economy and its relationship with the US?

Sirkin said it would not have much impact on China. "What we won't see because of reshoring are plants closing in China. As long as China maintains its growth rate of 6 or 7 percent, it will be able to absorb the loss of jobs to the US from reshoring and still manage to have a robust economy."

Meredith Miller is the senior vice-president of trade, energy and the economic affairs group at the National Bureau of Asian Research in Washington. She said China's leadership is working to grow the services sector and develop a more consumption-based economy.

"If successful, this effort will shrink the manufacturing sector's overall contribution to the economy," said Miller in an e-mail.