I don’t think India and China are the threat to US software jobs. It’s Latin America: same timezone(s); shorter/easier flights (because of the timezones as well as the distance) with easier visa requirements; far greater cultural familiarity and/or similarity (in both directions); lots of people who speak excellent English (in Latin America) and a fair few people who speak Spanish now in the US; less fear of IP theft; no trade war.
Somewhat minus the timezone, a lot of these things apply to the Philippines, too.
Latin America is less of a threat simply because of population size. All of Latin America combined is half the size of just India or just China individually.
Somewhat minus the timezone, a lot of these things apply to the Philippines, too.