As others have stated, there's fabs all over the world. They're insufficient in quality and quantity to satisfy current demand at current prices but they're there and can do a lot of it, especially as demand and requirements get reduced to meet what's available.

Don't get me wrong, it would suck, but probably suck less than when everything shut down for covid.

>Car manufacturing grinds to a halt.

>New appliances cannot be manufactured

Until they figure out how to repeal the laws that mandate the features/specs that require the semiconductors in the types and volumes that would be a non-starter.

Maybe your washer doesn't need to detect how much stuff you put in and second guess your water setting?

What are the statistical odds a $15k Nissan Kix being sold in the desert will ever benefit from ABS?

>no new iPhone for five years. No new electronic hardware at all

It's not absolute like that. It's more like move the decimal one place on everything and that makes whole classes of products non-viable.

>New appliances cannot be manufactured. What does the [severe reduction in proportion to their semiconductor and irreplaceable foreign part contents] absence of new durable goods do to the economy?

Fixed for realism.

Demand is elastic to some extent. Prices go up. Industries shrink, alternatives grow.

In any case, it's a relative transfer of wealth and power from most of HN to their plumber and landscaper and those otherwise less affected.