Globalism within the EU seems to work really well for Germany, even though there is far cheaper labour in the EU.
I am way out of my depth here, so I could be wrong.
"American" companies aren't always entirely owned by Americans. Sometimes they get purchased outright by foreign conglomerates or shareholders (eg. Anheuser-Busch) or take on foreign investment (eg. SoftBank). Once they're public, lots of entities can own the stock.
Labor doesn't have to be based in the US. Wages go overseas all the time. Your iPhone is manufactured abroad. Amazon hires lots of non-American programmers.
Is the only difference here that there is a possibility of federal tax revenue being distributed throughout one country? You can even go one more level down to cities and states rather than states and country.