Yes, this is the theory. Also to return manufacturing to the US, for jobs but also for national security. If a major war breaks out, which is more likely than in the past 2 decades, we can't effectively fight without a strong manufacturing base.

US businesses who offshored all the US manufacturing jobs now have their day of reckoning. The government can't really say, "move your jobs back," without some sort of constitutional change, they can only incentivize businesses do so, ergo tariffs on offshore labor / goods.