I am not sure how US manufacturing activity contracting implies that Europe is not losing its manufacturing to the US. There are lots of news of European companies expanding in the US (one example would be Airbus in Alabama, lots of others). You are absolutely right about LNG exports, and it's unfortunate because it also pushed residential gas prices up, but just look at the benchmark prices in the US vs. Europe (TTF vs Henry), they are different by a whopping factor of 2 at the moment, and it has been worse in the previous years. Notice that the US manufacturing that tends to concentrate next the the source will get its gas even cheaper. Volkswagen CEO recently stated that manufacturing in Germany no longer makes sense. I believe Europe will adapt eventually, but the cost in terms of lost manufacturing and quality of life will be high.