Machine shop owner for hydraulic fittings chiming in:

If you are in college and reading this the best thing you can do is get an internship at a smaller manufacturer. You might become part of the succession plan ($$)

Regardless, the skill swap is invaluable. Younger gen learns how to use an acme Gridley, CNC, Bridgeport, Kingsberry, braze funace, lathes, etc. 

The older generation then gets a person that can efficiently use software or help implement new initiatives more easily (like 3D printing for prototypes)

However, the Chinese influx of products is still a hurdle to climb. So many of my company’s competitors are just glorified drop-shippers now (they used to make products). 

More tariffs plus subsidies for small manufacturers could be a solution but it’s not an ideal fix. The gap in steel and labor between China and US is a real high hurdle that will continue to stifle momentum.