alt Hacker NewsWhile in the abstract and academic sense this is true, in practice there are two big problems that make it an utter non-starter*:
1) Due to the absolutely massive supply chains that have been built up in East Asia (not just China, but many other countries around there), and lack of same in the US, even for products where it's physically possible to produce it all domestically, from the raw materials on up, it would take decades of sustained investment without return before actual consumer products could be made on anything other than a one-off basis. Any step that can't be done in-country gets the tariffs slapped on again. And there are a fair number of raw materials we just don't have, at least not in the kinds of amounts that, um, the entire rest of the world does, that are required for mass production.
2) Trump isn't applying tariffs in a strategic manner to get domestic manufacturing to come back. He's applying tariffs as his personal punishment stick, and to all appearances that's the best he's actually capable of doing with them. In order for any of what I described in #1 to happen, ever, the tariffs need to be applied consistently, predictably, and for a long time.
Trump doesn't want to do any of that. He's just found a magic stick that makes people kowtow to him, and he's going to use it however he pleases.
* Not that I think you're unaware of these, based on your post; to a large extent I'm just expanding upon your second paragraph here.
> it would take decades of sustained investment without return before actual consumer products could be made on anything other than a one-off basis.
That's true of some products, not all of them, or even a majority. And even for those products, well, if it's going to take a long time then we better get started.
> And there are a fair number of raw materials we just don't have
This is again not the common case, and even then it's not necessarily the wrong solution. For example, China currently dominates the production of rare earths and the US doesn't have sufficient reserves, but Australia does, so higher tariffs on China than Australia create an incentive to move mining operations to Australia which breaks China's lock, and creates the incentive to invest in rare earth processing in the US, since then you're only paying the (lower) tariff on the (lower-priced) raw materials rather than the (higher-priced) refined product.
> Trump isn't applying tariffs in a strategic manner to get domestic manufacturing to come back.
This is more of a Trump problem than a tariff problem. If you do something wrongly enough it obviously doesn't work as well as it otherwise might.