Yeah labor costs here aren't going to compete with China, ever. And yes, goods will have to be imported for raw materials. That still doesn't mean domestic production can't be increased. And as a company if you're selling the product in the US you can save massively on shipping costs and avoid tariffs. So it's not exactly a 1 for 1 increase from a tariff.
I have no idea what Trumps ultimate goal is. If it's a goal of short term tariff's to get a long term level playing field I'm good with it. Because ultimately that's what's best for everyone. If the long term goal is just to tariff the crap out of every other country and produce everything domestically that's just foolish. The idea should be to get other countries to stop pulling their bullshit, we can stop with our bullshit tariffs and suddenly everyone benefits. But what I don't buy into is that America is suddenly the bad guy for doing what other countries have done to us for 50+ years.
Third option, tariff the crap out of other countries but eliminate income taxes. This isn't really going to happen, but I'd be thrilled with it. I'd be happy to pay the premium for other countries crap if I got a legit tax break somewhere else.