That might be the goal, but that implies the US should have low-skill labor, sweatshops, etc. And that enriching the owners of such factories is a good thing.
It's a net gain for everybody for low-skill products to be produced in regions with lower wages, like China, Vietnam, etc.
Super simple example... socks.
Due to lower wages, China can produce socks with a retail price of $1/pair.
A US-made equivalent costs $1.10/pair.
Trump placed a 20% tariff on Chinese goods, leading to Chinese socks having a retail price of $1.20.
US sock producer can now charge $1.19 and take 100% of the market. That's an additional, unearned $0.09 cents flowing to the owner of that sock business.
If the tariff had been set at 10%, creating equal retail prices, that might be good, as it would tend to shift more of the market to US-made socks.
Or, leave the prices alone, let us buy Chinese socks, and use that extra 10-20 cents for consuming something else.
It's a net gain for everybody for low-skill products to be produced in regions with lower wages, like China, Vietnam, etc.
Super simple example... socks. Due to lower wages, China can produce socks with a retail price of $1/pair. A US-made equivalent costs $1.10/pair.
Trump placed a 20% tariff on Chinese goods, leading to Chinese socks having a retail price of $1.20.
US sock producer can now charge $1.19 and take 100% of the market. That's an additional, unearned $0.09 cents flowing to the owner of that sock business.
If the tariff had been set at 10%, creating equal retail prices, that might be good, as it would tend to shift more of the market to US-made socks.
Or, leave the prices alone, let us buy Chinese socks, and use that extra 10-20 cents for consuming something else.