While I agree with you that this is what will most likely happen, I don't think it's the only possible alternative.
The best solution to keep both short and long term in mind is to regulate prices on basic goods to prevent the worse social impacts, while allowing commodities to explode in price. This should greatly encoyrage all industries that can get rid of fossil fuels from their supply chains to do so, but also reduce overall consumption of unnecessary items and thus of fossil fuels. If the plastic toy you were importing from China suddenly costs 50$ instead of 5$, perhaps you simply won't buy it, so it won't get produced and wrapped in even more plastic and shipped halfway across the world.
The best solution to keep both short and long term in mind is to regulate prices on basic goods to prevent the worse social impacts, while allowing commodities to explode in price. This should greatly encoyrage all industries that can get rid of fossil fuels from their supply chains to do so, but also reduce overall consumption of unnecessary items and thus of fossil fuels. If the plastic toy you were importing from China suddenly costs 50$ instead of 5$, perhaps you simply won't buy it, so it won't get produced and wrapped in even more plastic and shipped halfway across the world.