And would benefit those in manufacturing (particularly the owners of manufacturing) at the expense of everyone else. Prices on everything you buy that has some component that was manufactured outside the US (which is virtually everything) would go up.
As we Republicans are so fond of pointing out when arguing against corporate taxes, corporations don't pay taxes -consumers do.
The exact same is the case with tariffs. The kind of thinking that you are advocating has already been tried once. The result was the Great Depression.
I am going to go out on a line and assume that you are backing Donald Trump. There is a lot to like about the man and his candidacy. But he has never, ever, worked in a manufacturing business.
Yes the market would look for domestic sources. A good thing. If none exist then they would be built form scratch. Even more economic good news.
This is true because the opposite is true.
But he has never, ever, worked in a manufacturing business.
On the present course pretty soon no American ever will.
The exact same is the case with tariffs. The kind of thinking that you are advocating has already been tried once. The result was the Great Depression.
Smoot Hawley didn't start the Depression or make it worse. That lie has been disproven long ago.
I don’t want to get involved in your argument, but I do want to point out that Trump is not proposing a straight up 45% tariff on Chinese imports. He’s proposing using that as a threat that he believes will cause them to quit devaluing their currency and thereby make trade and prices more equitable between China and US. It would be cheaper for them to make their trade fairer in regard to US goods than to pay high tariffs, so Trump doubts he would even have to impose the actual tariff. He discussed this on the Fox Business Network:
https://www.youtube.com/watch?v=IQZ47EyQ9-Q