Of course, those imports would go up ~10% in price, and the American-made equivalents would go up ALMOST as much in price (just enough to still be just a little cheaper), so you'd end up causing inflation and burn up that $1,500 while causing a trade war.
And this assumes there are American manufactures who could pick up the slack. Without those, you'd have a 10% increase in prices and NO NEW JOBS.
But economics is hard...
We are already in a trade war, we just aren’t fighting back.
Imports are equivalent to 16% of our GNP. So 10% x 16% is 1.6% inflation. I think we will survive. So if the average income in America is $40k then 1.6% x $40k = $600. So even after inflation we’d have, an extra $900 in our pockets.
But if the tariff has the desired effect and people go back to work, then thats a 30% increase in American workers, which means 30% more people out there spending money at American businesses. That can be huge!!!
Government revenues would rise due to the 30% increase in workers. Government outlays for unemployed would fall. People who went back to work would get off of medicaid, food stamps,etc. State and local revenues would rise because more working people mean more people spending money. Bankruptcies would drop. And America would be a lot less dependent on foreign countries.
If American manufacturers didn’t pick up the slack we’d have a price increase but we’d still have the offseting income tax cut so we’d still be okay.
But American manufacturers will pick up the slack. It won’t be instant, but they will come back.