Overseas manufacture
Pros: Cost.
Cons: Unanticipated costs (e.g. extra customs duties you didn't know about), quality control, quality, turnaround times, flexibility, communication (language barrier), ethical dilemmas (if applicable), minimum order quantities, lack of legal recourse, outright fraud (often that falls under quality control), etc.
Domestic manufacture
More or less the inverse of the above, though obviously you can still have issues with quality control, turnarounds, inflexibility, communication, etc.
Pros: Cost.
Cons: Unanticipated costs (e.g. extra customs duties you didn't know about), quality control, quality, turnaround times, flexibility, communication (language barrier), ethical dilemmas (if applicable), minimum order quantities, lack of legal recourse, outright fraud (often that falls under quality control), etc.
Domestic manufacture
More or less the inverse of the above, though obviously you can still have issues with quality control, turnarounds, inflexibility, communication, etc.