Let me be perfectly clear that I'm not referring to Cold Steel's older USA models that were actually manufactured by Camillus with the Cold Steel branding.....like the Carbon V models.
I can tell you that when I was at the Blade show (I believe it was 2015), Cold Steel was promoting a new line up of knives marked "USA". My understanding was the blade was being manufactured in the USA then shipped to Taiwan where the rest of the knife was being built around the blade. I believe they were using CPM-S30V or CTS-XHP steel (I can't remember exactly) and the blades being shipped were not finished....basically shipping blanks. This info came straight from the Cold Steel booth at the Blade show. That is all I can tell you, as I was not interested in spending my time investigating it any further myself since I had no interest/plans to carry Cold Steel products in my inventory.
I believe quite a few manufacturers do that (and not just with knives).
As long as their foreign parts are assembled in the US they can say it's a US made product.
I got a Buck knife with the blade stamped "USA" (and "MADE IN USA" all over the box) but the notice said the knife was made with US and "foreign parts" (I think the plastic handle is made in Mexico).
Even when the knife is made in the US they might still us foreign steel.
It's the same with Leatherman, they are made with "domestic and global parts".
I believe all the plier heads are made in Mexico (and their files and saws in Europe) it's why they can't no longer stamp "USA" on the head.
Leatherman have been sued for violating Californian laws for not saying that some parts were foreign made.