What if the U.S. practiced economic isolationism?

[Damuri_Ajashi]

@pkbites

From THIS thread:

@Wallenstein

If the rest of the world refused to trade with America, I imagine you’d be pretty well f*cked economically, no?

Not withstanding other diplomatic problems it could cause, what would the American economy be like if nobody traded with us? What if we bought no foreign products, and allowed no foreign companies into the country?

Other than oil and some exotic foods, what do we get from other countries that we can’t make for ourselves?

If all those items that are made in China and sold at Walmart had to be made in the United States, what would our unemployment rate be? How would this affect the price of products and the cost of labor? What if a company had no option of shipping jobs over seas. What if I called tech support and the voice on the other end spoke clear mid-west U.S. English? Include a scenario that includes tourism (but no Souvenirs brought back or taken out) and one that does not allow tourism.

Well isolationism is probably a good way to foment revolution, but protectionism or even a mild form of mercantilism would not be particularly harmful. Back when Japan was eating our lunch, people floated similar ideas and I forget who said it but if there was a trade war, we would win but noone would be better off.