it’s like you believe you can tariff them expecting they won’t do the same. Why do you believe the rest of the world is not going to retaliate and why do you believe America can prosper without the rest of the world?
What’s the point of having a military alliance with countries you puts tariffs on? That’s unfriendly to say the least.
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.