Then, what about safety?
You got the efficiency ("better work") right. I'm tired of stripping heads off nuts or shearing the Philips head off a machine screw due to a poor fitting tool. This wastes a lot of time. Unless, of course, I don't give a sh*t about what I'm working on and put half stripped screws, bolts and nuts back into the project. So, good tools save time and mean a person who cares about the quality of their work product.
In terms of safety, please don't kid me and pretend all your Chinese and India tools are measured to tolerance. Or, that they are made of similarly strong materials in a controlled environment. Metal can be ductile, brittle, malleable, uneven, a number of different problems. I've used almost every make of cheap import tools in the book, and because of the above properties, they have broken, deformed or ruined projects. I've damn near broke my hand, slammed myself into the ground and hurt every part of my body with cheap tools. I've seen every mode of failure, and I am done with that!
I'll give you Germany and Japan. I own German and Japanese tools. Personally I like advanced manufacturing economies where people get paid living wages and where the people actually *want* to work and *want* to make quakity goods. I don't like places where privileged classes take out their angst on the poorest and least capable members of society because they are members of organizations such as the Chinese Communist Party.
People cite Capitalism here. That's similarly bullsh*t. China's subsidizing of its ploy to engineer its economy means sometimes goods are made there because they come back cheaper than the raw materials to make them. Read that again. An engineering manager at TRW Automotive told me about that one. It's not how most people look at Capitalism. It's more like Mercantilism where a foreign country is waging long-term economic war on another.