Can’t comment on Canada and the US but here in the UK we have a strong tradition of treating industry as something you scrape off your shoe.
Thatcher very famously stated “we don’t need a manufacturing sector. The country can survive on service industries alone” (I paraphrase).
And so 30 years or so later you end up in a situation where you have lost almost all your top talent, and the manufacturing companies that are still trying to make something of worth are unsupported by government and ignored by the banks (now THERE’s a worthwhile “industry” - very nice suits and shiny boardroom tables, and none of that demeaning “manufacturing” nonsense).
On top of that we allow any industry of any worth at all to be sold to (literally) anyone - Arm probably being the latest high profile example. But that should come as no surprise - we don’t even own our own water supply any more in this country (and allow said water companies to run up huge debts just so they can pay out a nice dividend to shareholders and pay their “top” peeps big money - it is quite literally a scandal but that’s another subject)
In the meantime we happily POUR money into China so that it can make stuff for us and fund its military that it might want to use against us in the near future.
Really. It’s not rocket science. It’s bloody depressing. But it’s not complicated