Early on, it may have included semiconductors designed in the US, with manufacturing outsourced to Asia. That outsourcing may have been to a facility owned by an American company or to a foreign owned company. Then the semiconductors may have been shipped to Mexico where another company was manufacturing consumer products. Under such circumstances, can such a product be described as essentially Asian?
Of course, things changed. Asian companies took more control over product development and manufacturing. When they ran into labour and regulation making manufacturing in their own country more expensive, perhaps due to tariffs or perhaps due to their own citizens demanding better, they used the same playbook.
You're right in that it made no sense from an American perspective, but that isn't because it suddenly became cheaper to manufacture in the US. It did not make sense because they lost control of the playbook, because others could do it better.
On the whole, I agree with your point about trade being used to bypass labour laws and environmental regulations. I'll be more blunt with how I phrase it: the practice is exploitative and causes more harm than good. That said, the current American response appears to be driven by the demand for trade on their terms exclusively. Never mind that other countries may want something in exchange for their resources.