[tim333]

The world's been through many past periods of tariffs. Generally the countries that do a lot end up hurting themselves - see say Argentina, near wealthiest in the world around 1890, now way down the list. Neighbours like Brazil that thought we'll tariff too have been meh. Countries like Singapore that went the other way and had zero tariffs got rich - from not much per capita to overtaking the US in that case.

[cardiffspaceman]

Argentina is a deeper example. A mfr can/could build a plant in Tierra del Fuego and avoid tariffs. But it has been cheaper to fly to Manhattan and buy your iPhone than to buy whatever cellphones are available in Buenos Aires.