Typically you are paying for some American labor and raw materials, US corporate profits, U.S. transportation services and more.
Obviously, if a pair of sneakers made in China costs $70 in the United States, not all of that retail price goes to the Chinese manufacturer. In fact, the bulk of the retail price pays for transportation of the sneakers in the United States, rent for the store where they are sold, profits for shareholders of the U.S. retailer, and the cost of marketing the sneakers. These costs include the salaries, wages, and benefits paid to the U.S. workers and managers who staff these operations…. Thus, on average, of every dollar spent on an item labeled “Made in China,” 55 cents go for services produced in the United States. In other words, the U.S. content of “Made in China” is about 55%.
Clothing and shoes is the only area where Chinese manufacturers get a significant share of US consumption. The authors of the report conclude that inflation on the Chinese side will hardly affect consumer prices for those goods in the US.