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Well the people will still need that things that were imported, eventually you'll have to have an industry to cover that need. Picture this just an extreme case. All clothes are made abroad, imagine the tariff makes it "unbuyables". The people will still have the need for clothes so that creates the space for someone to start making clothes and sell them eventually making a textile industry.
Now the problem is this could take years the internal industry could be shit and a myriad of other problems that will surely will affect the poorest people the most. Economics explained has a good video on it you should check it.
Yes, and it will be expensive either way. When you buy a bag of imported tube socks for $5. You've got tube socks in a fair trade. When you pay $20, you have 4x less tube socks. The foreign seller can still buy US agriculture, resources, or houses, or bonds to lower our interest rates with the money without forcing you to overpay for tube socks. Globalization has multidirectional benefits.
Multidirectional benefits maybe, but most of the negative effects of shipping interruption are experienced by the receiver. You’re assuming any company has the capacity to make the socks here at all (to meet our needs). Production limits will cause most people to do without, regardless of if they could pay the increased cost.
I think your point is, first the tube socks go to $20. Then someone (maybe a Chinese who is now global expert in sock making) in US figures out a way to make them for $19, 2 years after their investment.
My point is there’s shortages, along with probably hoarding & scalping, and many people simply go without socks for years. It takes time to build up manufacturing capacity.
And that’s assuming a completely peaceful transition. God knows how long it’ll take to build up that manufacturing, if the loss is due to a hot war, and resources are primarily needed for a war effort.
How does creating a local industry of cheap knockoffs help the US economy exactly? What you're describing is turning the United States into a random poorer country. That plan only makes sense if the ultimate goal is to diminish the United States economy and its influence in the world. That benefits China and India. It doesn't benefit the United States domestically.
Here's a better idea, invest in your people to create an economy and society that doesn't rely upon raping other country for labor and materials.
Because turning your country into a service economy, with no local manufacturing capacity, is insanely stupid from a national security perspective. We’ve already made this mistake, and it’s part of how China is able to exert so much control over the US.
Just look at what happened to the US economy when shipping was only momentarily interrupted during the pandemic.