The billionaires are much more mobile, they just fund a venture capitalist firm in a new country, or start some other business to parasite in another region of the world.
The only way to stop them is to dilute their power. They have the upper hand economically, maybe time to figure out what other tools the masses have?
For fighting assholes everywhere
You talk a lot about Economic Theory considering you completely ignored one crucial detail: consumers won't buy it if the price gets high enough
not many enough would pay $99 for a phone cover), and some things will never be able to be produced cheaper (no child labor, expensive adult labor).
I seem to have mentioned this.
This could effectively become an Embargo, and it should because Fuck Chinam
If that is the case it's kind of an own goal; China is still free to trade with anyone, including US consumers that pay more. It's just the US consumers gwtting worse access to thw products they want. Closer to a self embargo, no?
It's like a much more expensive "Buy American" campaign, only it also makes the US utterly untrustworthy in any future trade deals or investments.
Is this a cut off your nose kind of thing again?
The way I see it: US consumer wants Chinese thing, pays China. With tariffs US government goes: "Hey, we don't do that over here, pay me" - US customer also pays US government.
US customer ends up paying more for the same thing.
Now to the tricky part:
If economic theory works and thing costs what it's worth, this means tariffed consumer is overpaying and leaving margin for others to fill. A domestic producer could then make a profit even when not as efficient as the Chinese, cool.
But, a lot of things China does aren't currently made in the US, factories have to be built, some things won't be viable at higher prices (maybe not many enough would pay $99 for a phone cover), and some things will never be able to be produced cheaper (no child labor, expensive adult labor).
So it would take quite some effort to first figure out if it's viable to produce in the US and then to build the production in the US. It also takes quite a lot of time, years probably. Will the tariffs stay that long? If unsure, why risk wasting the effort. If sure, how will the years of punishing prices affect consumers?
In a week, probably 10% less