> All domestic producers which produce products that cost less than imported competitors
Who will afford to buy their expensive products? Cheap imports are what is making minimum wage-earners circumstances bearable. Full-on reshoring is untenable without reforging the entire economy for higher salaries at the bottom. The whole system has feedback loops (higher wages -> higher product prices) which will cause pain for a long, long time before things stabilize. I don't think Americans have the stomach for it now, moreso with the threadbare social safety nets being shredded. Any politician or political group pushing for this will not survive long enough to see it through. The task is impossible for leaders incapable of considering second order effects, and beyond.
> Who will afford to buy their expensive products?
Fewer and fewer people. Yes, a shrinking of the consumer economy. It will work, just not like it has in the past. As I see it, you are absolutely correct in your assessment. Absent a proactive approach, the alternative (which I think we will live to see) will be watching the system break.
Perhaps a lame duck president rebalancing tariffs can slow the slide, but I think the end result will be the same.
Who will afford to buy their expensive products? Cheap imports are what is making minimum wage-earners circumstances bearable. Full-on reshoring is untenable without reforging the entire economy for higher salaries at the bottom. The whole system has feedback loops (higher wages -> higher product prices) which will cause pain for a long, long time before things stabilize. I don't think Americans have the stomach for it now, moreso with the threadbare social safety nets being shredded. Any politician or political group pushing for this will not survive long enough to see it through. The task is impossible for leaders incapable of considering second order effects, and beyond.