I would have preferred scheduled, incremental rises to afford companies the opportunity to reshore. The opening salvo was enough to set things in motion. Some industries can be set up quickly. Others (chips, mining, autos) will take longer.
I mentioned a couple weeks ago a client of mine in the screw and fastener business who got hit with a huge tariff bill right after Liberation Day. He has no alternative domestic supplier to order from, so essentially he was putting a freeze on new inventory.
Obviously setting up a plant to make these basic items would be a heckuva lot easier and quicker than building a semiconductor foundry, but even for these items it would still be far cheaper to produce Chinese screws and fasteners, so even with 30-35% tariffs it’s unlikely to attract a US manufacturer.
Rather than broad tariffs, I think it would have been more effective instituting targeted ones on items we want relocated here, especially advanced tech. And I think tax breaks for multinationals who bring back job-creating factories is an essential ingredient in reversing trade drain.